SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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May 4, 1998
SYMS CORP.
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(Exact name of Registrant as specified in its charter)
New Jersey 1-8546 22-2465228
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State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
Syms Way, Secaucus, New Jersey 07094
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(Address of Principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
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(201) 902-9600
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Item 5: Other Events
On May 4, 1998, Syms Corp. (the "Company") announced that its Board of
Directors had authorized the repurchase of an aggregate of up to 15% of its
outstanding shares of common stock from time to time at prevailing market prices
during the current and the following fiscal years ending February 26, 2000.
Reference is made to the new release of the Company, dated May 4, 1998,
attached as an Exhibit hereto and incorporated herein by reference.
Item 7: Financial Statements and Exhibits
(c) Exhibits:
99.1: News Release of the Company dated May 4, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
May 5, 1998
SYMS CORP.
By: /s/ ANTONE F. MOREIRA
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Antone F. Moreira
Vice President, Treasurer and
Chief Financial Officer
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[SYMS LOGO]
AN EDUCATED CONSUMER
IS OUR BEST CUSTOMER(R)
FOR IMMEDIATE RELEASE
CONTACT:
ANTONE MOREIRA
CHIEF FINANCIAL OFFICER
(201) 902-9600
DOUGLAS C. MEYER
VICE PRESIDENT, MARKETING
(201) 902-9100
SYMS ANNOUNCES SHARE BUY BACK PROGRAM
Secaucus, New Jersey, Monday, May 4, 1998. Syms Corp (NYSE SYM), a leading
retailer of off-price men's, women's and children's clothes, announced today
that its Board of Directors had authorized the Company to repurchase an
aggregate of up to 15% of its outstanding shares of Common Stock at prevailing
market prices during the current and the following fiscal years ending February
26, 2000. At least 50% of the shares would be purchased from time to time in the
open market. A portion of the balance of the shares may be purchased from Syms
family members at the average price paid by the Company for, and in aggregate
amounts not exceeding, the open market purchases during the preceding week. Mr.
Sy Syms, Chairman of the Board of the Company, who controls approximately 41% of
the outstanding shares, has indicated that he does not intent to make open
market sales of Syms Common Stock during those periods when open market
purchases are being made under the program. The program will be subject to
market and general economic conditions and may be suspended from time to time
without further notice.
Commenting on the repurchase program, Marcy Syms, the Company's CEO stated: "The
Company is doing this now because we are taking advantage of the opportunity to
add value for all shareholders by using excess capital, not needed for
expansion, to repurchase shares."
SYMS Corp * One Syms Way, Secaucus, NJ 07094 * (201) 902-9600
