SECAUCUS, N.J., May 13 /PRNewswire-FirstCall/ -- Syms Corp
(Nasdaq: SYMS), the leading off-price retailer, today
named Jason Somerfeld as Senior Vice President and General
Merchandise Manager. In this newly created position, Mr. Somerfeld
will oversee merchandising for the newly integrated company
incorporating the Syms, Filene's Basement, and co-branded Syms
Clothing/Filene's Basement stores.
He will report to Joel
Feigenbaum, who was appointed in March as Chief Integration
Officer to direct the strategic merger of the Syms and Filene's
Basement brands. Mr. Somerfeld will be based in Syms' corporate
headquarters in Secaucus.
Chairman and Chief Executive Officer Marcy Syms commented, "As we integrate the
brands further with initiatives such as the co-branded stores,
Jason brings substantial expertise and insight into how a company
can transform to capitalize on market demand. He will help us
leverage the strengths of what Syms and Filene's Basement can offer
customers that no other retailer can match."
"The combination of Syms and Filene's Basement is truly a
perfect marriage, and I am excited to be part of the team that will
fine-tune this already successful model," says Mr. Somerfeld. "As
both brands evolve, they will each lend more strength to the other,
creating the best of both worlds for the customer." As GMM, Mr.
Somerfeld will seek to enhance Syms' European product offerings, as
well as expand their West Coast vendor matrix of contemporary
brands.
Mr. Somerfeld previously served as Senior Vice President of
Branding and Fashion Direction at Burlington Coat Factory, where he
helped reshape the company's image throughout its more than 400
stores in the U.S. and Puerto
Rico. By pioneering the addition of contemporary men's and
women's clothing into the chain, he evolved "trend-right" product
to balance traditional offerings. He also developed a solid
foundation of West Coast resources, sourcing contemporary product
that moved the company's focus toward more consumer must-have
items.
Mr. Somerfeld began his career at the Saks Fifth Avenue
Executive Training Program, after which he became a senior buyer
for the Searle stores. Prior to his senior leadership role at
Burlington Coat Factory, he served as Vice President and General
Merchandise Manager at Cohoes, a subsidiary of Burlington Coat
Factory. At Cohoes, he was responsible for overseeing all men's and
women's apparel, accessories, and shoes, and developed a branded
European resource structure for all classifications. Mr. Somerfeld
has taught numerous fashion and marketing courses as an adjunct
professor at the Fashion Institute of
Technology.
Forward-Looking Statements
Certain information in this press release includes
forward-looking statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995) and information relating
to Syms Corp and its subsidiaries that are based on the beliefs of
Syms' management, as well as assumptions made by and information
currently available to Syms' management. When used in this press
release, the words "anticipate", "believe", "estimate", "expect",
"intend", "plan" and similar expressions as they relate to Syms
Corp and its subsidiaries, identify forward-looking statements.
Such statements reflect the current views of Syms Corp with respect
to future events, the outcome of which is subject to certain risks,
including, among others, general economic and market conditions,
decreased consumer demand for Syms' and Filene's Basement's
products, possible disruptions in Syms' computer or telephone
systems, possible work stoppages or increase in labor costs,
effects of competition, the impact of integrating Filene's
Basement's business and Syms Corp's existing business, possible
disruptions or delays in the opening of new stores or inability to
obtain suitable sites for new stores, higher than anticipated store
closings or relocation costs, higher interest rates and borrowing
costs, unanticipated increases in merchandise or occupancy costs,
and other factors which may be outside control of Syms Corp. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results or outcomes
may vary materially from those described herein as anticipated,
believed, estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to Syms
Corp or persons acting on its behalf are expressly qualified in
their entirety by the cautionary statements in this
paragraph.
For further information, please contact Davia Temin or
Trang Mar of Temin and Company at
212-588-8788 or news@teminandco.com.
SOURCE Syms Corp