SECAUCUS, N.J., May 26, 2011 /PRNewswire/ -- Syms Corp (NASDAQ:
SYMS) announced today that its Board of Directors has initiated a
process to explore and evaluate various potential strategic
alternatives, which may include a possible sale of the Company. The
Company has retained Rothschild Inc. as its exclusive financial
advisor to assist the Company in connection with the strategic
review process.
There is no defined timeline for this strategic review and there
can be no assurance that the review of strategic alternatives will
result in any specific action or transaction. Syms does not intend
to comment further regarding the evaluation of strategic
alternatives, unless a specific transaction is approved or review
process is concluded, or it otherwise deems further disclosure is
appropriate or required by law.
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 the 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.
Contact: Davia Temin, Temin and
Company, 212-588-8788
SOURCE Syms Corp