Shareholder Group Demands Records of Syms Corp and Files Lawsuit Against the Board...

Shareholder Group Demands Records of Syms Corp and Files Lawsuit Against the
Board Of Directors Of The Company

NEW YORK, Jan. 22 /PRNewswire/ -- A group of shareholders lead by
Barington Capital Group, L.P. and Esopus Creek Advisors LLC that owns over
9.8% of the outstanding shares of Syms Corp announced today that one of its
members has delivered a letter to the Company demanding under the laws of the
State of New Jersey a copy of the Company's shareholder register and other
related records. This information will enable the member to determine whether
the Company has 300 or more shareholders of record, either now or at any time
prior to April 1, 2008.
Despite the protests of shareholders, the Company delisted from the New
York Stock Exchange (NYSE) on January 14, 2008 and is attempting to deregister
its shares under the federal securities laws on April 1, 2008. As the Company
noted in its December 21, 2007 Form 8-K filing, "The Company took such action
voluntarily, based upon ownership by fewer than 300 holders of record of its
shares, and not based on its receipt of any notice indicating that the Company
failed to satisfy any rule or standard for continued listing on the NYSE nor
because it was aware of any material noncompliance with the rules of the
NYSE." The Company's shares now trade on the pink sheets under the symbol
"SYMZ."
The shareholder group believes that in approving these actions, the Board
of Directors of Syms Corp has severely damaged shareholder value. Since the
Company announced on December 21, 2007 that it was delisting and deregistering
its shares, the price of Syms' stock has fallen by over 42%, destroying over
$104 million in market capitalization. Members of the shareholder group have
therefore begun the process of registering some of their shares in their own
names as the Company may not deregister if it has 300 or more shareholders of
record prior to April 1, 2008. The shareholder group encourages its fellow
shareholders to contact the banks or brokerage firms that hold their shares
and do the same. The shareholder group believes that there are over 1,000
shareholders of Syms Corp (most of whom have their shares registered in
"street name" rather than in their own name), approximately 200 of which are
currently shareholders of record.
The shareholder group has also filed a lawsuit in the Superior Court of
the State of New Jersey, Chancery Division - Bergen County, against the Board
of Directors of the Company entitled Barington Companies Equity Partners,
L.P., et al. v. Sy Syms, et al. The lawsuit alleges that the directors of
Syms Corp breached their fiduciary duties in causing the Company to delist its
common stock from the NYSE and by filing to deregister its shares under the
federal securities laws. The lawsuit seeks, among other things, to enjoin the
directors from causing the Company to deregister its common stock and to
compel the directors to cause the Company to relist its shares on a nationwide
securities exchange. While the shareholder group intends to vigorously pursue
the litigation, there can be no assurance as to how, or when, it will be
resolved.
About Barington Capital Group:
Barington Capital Group, L.P. is an investment firm that, through its
affiliates, primarily invests in undervalued, small and mid-capitalization
companies. Barington and its principals are experienced value-added investors
who have taken active roles in assisting companies in creating or improving
shareholder value. Barington and its affiliates have been shareholders of
Syms Corp since February 2004 and own approximately 6.1% of the outstanding
common stock of the Company.
About Esopus Creek Advisors:
Esopus Creek Advisors LLC is the investment advisor of Esopus Creek Value
L.P., a private investment fund that invests on behalf of institutions and
high net worth individuals. Esopus and/or its affiliates have been
shareholders of Syms Corp since 2003 and own approximately 3.6% of the
outstanding common stock of the Company.
SOURCE Barington Capital Group, L.P.

Somna Maraj of Edelman for Barington Capital Group, L.P., +1-212-704-8175