Syms Appoints Joel Feigenbaum Chief Integration Officer

SECAUCUS, N.J., March 19 /PRNewswire-FirstCall/ -- Syms Corp (Nasdaq: SYMS), the leading off-price retailer, announced today the appointment of Joel Feigenbaum as Chief Integration Officer. Mr. Feigenbaum will head up the Filene's Basement Division, and bring co-branded Syms and Filene's Basement stores to the market. The brands were joined under the same corporate umbrella last year following Syms' acquisition of the Filene's Basement business.

Mr. Feigenbaum will report to Chairman and Chief Executive Officer Marcy Syms, and will split his time between Filene's Basement headquarters in Burlington, MA and Syms corporate headquarters in Secaucus, NJ. 

"We are pleased to have an executive of Joel Feigenbaum's caliber in this key position, and are excited about the future of both brands," says Ms. Syms. "Joel is a strategic hire for us. His strong skills round out our management team."

Syms' and Filene's first co-branded stores opened in September, 2009 in Fairfield, CT and on March 18, 2010 in Norwood, MA. "This co-branding raises the bar in off-price retailing," says Ms. Syms. "Syms' strength has always been in men's tailored clothing and Filene's strength has been designer women's fashions. Taking the best of both brands has been receiving raves from consumers in both locations. More co-branded stores are on the drawing board for Fall 2010."

Mr. Feigenbaum previously served as President of Reader's Digest's Books Are Fun, Ltd., the world's leading display marketer of books and gifts, selling more than 300 million books in the past 10 years. As a key member of the Reader's Digest senior management team, he spearheaded a dramatic improvement in market position and financial results of the $290 million company within the Reader's Digest organization. Prior to Reader's Digest, he was Chief Operating Officer of babygear.com and President and COO of Century 21 Stores. He began his career at Zayre's and Target Stores.

Mr. Feigenbaum has been the recipient of numerous honors, including being named Man of the Year by the Lower Manhattan Cultural Council and Business Man of the Year by the NAACP.

"Integrating 100-year-old Filene's Basement with 50-year-old Syms is an unprecedented opportunity to leverage the strengths of two beloved brands," Mr. Feigenbaum says. "Our unique co-branded stores will draw a consumer who is not only educated, but enticed by our wide range of men's and women's name-brand, off-price fashion."

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 Suzanne Oaks of Temin and Company at 212-588-8788 or [email protected].

SOURCE Syms Corp

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