SECAUCUS, N.J., June 9 /PRNewswire-FirstCall/ -- Syms Corp
(Nasdaq: SYMS), the leading off-price retailer, today named
Seth Udasin as SVP, Chief Financial
and Administrative Officer. Mr. Udasin replaces Philip Piscopo who left the company in
March.
Mr. Udasin will report to Syms Chairman and Chief Executive
Officer Marcy Syms.
Ms. Syms states, "We are building a deep and experienced
management team as we further combine Syms and Filene's Basement
operations. Seth's extensive experience in the retail sector, as
well as his impeccable financial credentials, will help lead Syms
into the next chapter of our company's success. His background and
expertise make him a vital new member of our team, and we will be
able to leverage this expertise to shape our company as we move
forward."
Syms has made several strategic hires in recent months. In
March, Syms appointed Joel
Feigenbaum as Chief Integration Officer; he is directing the
ongoing merger of the Syms and Filene's Basement brands, including
the co-branded stores. Last month, Jason
Somerfield, a veteran of Burlington Coat Factory who helped
reshape the brand's image, came on as Senior Vice President and
General Merchandising Manager.
"This is an exciting time to be joining the company that
recently acquired Filene's Basement," says Mr. Udasin. "Syms'
commitment to growth and to providing extraordinary value to its
customers is especially powerful in the current economy. I am eager
to help drive the operation toward even greater success, continuing
to add real value for customers and shareholders."
Formerly Vice President and Chief Financial Officer (1996-2005)
of The Children's Place, a leading children's retailer with over
1,000 stores in North America, Mr.
Udasin most recently has been an independent consultant providing
retail and financial business advice and consulting services to
small and mid-size retail and service companies.
In his two-decade career at The Children's Place, Mr. Udasin
served in a variety of positions prior to CFO, including Vice
President, Finance; Controller; Director of Planning and Analysis;
Assistant Controller; and Manager of Financial Planning.
Mr. Udasin received his MBA in Finance from The Wharton School
of the University of Pennsylvania in
1983, and a Bachelor's Degree in Accounting from Lehigh University. He is a Certified Public
Accountant in the State of New
York.
Syms Corp currently operates a chain of 50 "off-price" apparel
stores located predominantly on the east coast under the Syms and
Filene's Basement names. Each Syms and Filene's Basement store
offers a broad range of first quality, in season merchandise
bearing nationally recognized designer and brand-name labels.
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