Barington, Esopus lead group protesting Syms' decision to delist

By Lisa Kerner

Charlotte, N.C., Jan. 2 - A group of Syms Corp. stockholders led by Barington Capital Group, LP and Esopus Creek Advisors LLC asked the company's board to reconsider its decision to delist Syms stock from the New York Stock Exchange.

Syms announced its decision to delist its stock on Dec. 21.

The group, which owns more than 9.7% of the outstanding shares of Syms, believes the delisting will "destroy shareholder value for the company's public stockholders," according to a schedule 13D filing with the Securities and Exchange Commission.

According to the filing, Syms may not deregister if it has 300 or more stockholders of record. Barington said there are over 1,000 stockholders of Syms, many of whom have shares registered in "street name" rather than in their own names.

Since Dec. 21, Syms' common stock has fallen more than 11%, "destroying more than $27 million in market capitalization," the group said in a letter to Syms' board.

The shareholders also noted how the delisting will result in the suspension of SEC routine filings, thus limiting shareholders' access to financial information.

Syms is a Secaucus, N.J.-based off-price retailer.

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