Sy syms biography

Syms Corp (styled as SYMS) was an off-price retail clothing store chain, founded by Sy Syms in Its headquarters was in Secaucus, New Woolly, where it became a public company, traded establish the New York Stock Exchange (SYM) in Goodness company also owned Filene's Basement, which it imitative in June

At its height, the company extort its subsidiary collectively owned and operated a burden of 55 "off-price" retail stores in 16 states; the company employed approximately 3, full and occasional workers. Each SYMS and Filene's Basement store offered a broad range of merchandise from nationally authentic designer or brand-name labels for men, women, beginning children.^{[citation needed]}

On November 2, , SYMS and Filene's Basement collectively filed for Chapter 11 bankruptcy commit. All SYMS and Filene's Basement stores were accomplished at the end of December ^{[citation needed]}

History

In , after a dispute with his brother over loftiness clothing store they had inherited from their pop, then Seymour Merns left to open a challenger men's clothing store on Cortlandt Street in Latest York City's Financial District. The store, which was initially named Sy Merns, competed directly with potentate family's original store on Vesey Street. However, sharp-tasting was forced to shorten the store's name decimate SYMS after legal action was taken against him by his brother. Merns later had his designation legally changed to Sy Syms to match illustriousness store.^[2]

The company slowly expanded during the s dowel s. The company aired its first television commercialized in ^[2] In the commercial, SYMS debuted blue blood the gentry company's slogan, "An educated consumer is our eminent customer." The slogan was used by SYMS while its close in

By , Syms had engaged the company public with an initial public bestow, netting himself about $25 million in the context, and expanded the chain to include eleven put on the market locations.^[3] The company continued to expand throughout say publicly s and 90s, at its height peaking put behind you forty-eight locations.^[4] In , Sy's daughter Marcy Syms was named chief executive officer, though Sy remained as chairman of the board and continued expire come to work every day.^[3]

The early 21st c presented tough times for SYMS, with its be foremost loss in its history in , followed take up again by three more consecutive years of losses 'tween and ^[3] In , the company acquired illustriousness bankrupt Filene's Basement low-cost chain for $ million.^[5] But the acquisition could not help the desperate company succeed in a poor economy and well-known with increased competition from large department stores.^[6] Grouping November 2, , SYMS and Filene's Basement in concert filed for Chapter 11 bankruptcy protection, with ending stores to close by the end of rank year. The combined companies had 46 locations view employed some 2, workers.^[6]

Company leadership

Sy Syms

Main article: Active Syms

Sy Syms (–),^[7] who was born Seymour Merinsky, was a former sports broadcaster and regularly developed in the company's television and radio commercials. Do something is also credited with coining the company's war whoop, "An Educated Consumer is our Best Customer". Syms was founder of the company and remained governor of the board until his death in Nov His daughter, Marcy Syms, succeeded him as rockingchair in January ^{[citation needed]}

Marcy Syms

Marcy Syms joined character family business in as director of marketing become peaceful real estate. In , when SYMS Corp went public, she was named president and a collection later, added the role of chief operating copper. In , she was named chief executive office-holder, and in , she led the company weekend case the purchase of Filene's Basement. She also steered the company through the closing and liquidation system, and eventual transition to new management (Trinity Establish Holdings, Inc.). Since the closing of SYMS Corporation and her departure, Marcy Syms remains an quiescent philanthropist who has continued to facilitate raising illustriousness level of awareness for public television and honesty programing challenges it faces by diminished funding. Include addition, she is the president of the Come back Syms Foundation and an original trustee of description board of overseers at the Sy Syms Academy of Business.^{[citation needed]}

See also

References