Barington ups stake in Syms, wants company to monetize assets, repurchase shares

By Lisa Kerner

Charlotte, N.C., Oct. 29 - Syms Corp. investors led by Barington Cos. Equity Partners, LP bought 165,402 shares of the company's stock between July 10 and Oct. 26 priced from $12.45 to $17.98 each.

The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.

Barington and the reporting persons beneficially own 266,376 shares, or 1.81%, of the Secaucus, N.J.-based off-price retailer's outstanding stock.

According to the filing, the reporting persons "support the real estate sales that have been announced by the company to date as part of the company's efforts to improve shareholder value" and recommend that Syms continue its efforts to monetize the company's real estate assets.

In addition, Barington believes that Syms has "significant availability" to repurchase its shares under its current share repurchase program and recommends that the company "increase its efforts in this regard."

It was previously reported that as of May 21, Barington had a 1.77% stake in Syms.

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