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What happened to Sy Syms?
Syms Corp (styled as SYMS) was an off-price retail clothing store chain, founded by Sy Syms in 1958. On November 2, 2011, SYMS and Filene’s Basement collectively filed for Chapter 11 bankruptcy protection. All SYMS and Filene’s Basement stores were closed at the end of December 2011.
Why did Syms go out of business?
The discount department store chain, which operates 25 Syms and 21 Filene’s Basement stores, couldn’t cut it amid a sour economic climate and rising competition from larger rivals. Syms filed for Chapter 11 bankruptcy protection Wednesday and said it would shut down all of its stores by the end of January 2012.
How much was Sy Syms worth?
Bear, Stearns & Co. and Rothschild Inc. jointly took the firm public on the NYSE in 1983, at 28 times earnings. Syms overnight became a centimillionaire, pocketing around $25 million and keeping control of 80% of the stock, currently worth about $170 million.
Where An educated consumer is our best customer?
The slogan “an educated consumer is our best customer” stood out when Sy Syms, CEO of the Syms Corporation, used it in television ads in the 1980s.
How can I be an educated consumer?
Being an educated consumer is the only way to break through the clutter and make informed choices….7 Ways to Become an Educated Consumer …
- 1 Know What Goes into Your Products.
- 2 Don’t Always Follow Fads.
- 3 Pay Attention to Ads.
- 4 Know Your Brands.
- 5 Read Reviews.
- 6 Take a Trip.
- 7 Think about the Effect of Your Purchases.
Is consumer education necessary in our curriculum?
Consumer education provides the public with the information it needs on products and services so it can make well-informed decisions on what it is purchasing and from whom it purchases. It helps consumers understand their rights and become active participants in the buying process.
Who was Sy Syms and what did he do?
For the business school, see Sy Syms School of Business. Sy Syms (May 12, 1926 – November 17, 2009) was an American businessman, entrepreneur and philanthropist, who founded the SYMS off-price clothing chain in New York City in 1959. Syms was born Seymour Merinsky on May 12, 1926, in Brooklyn, New York.
Who was the founder of SYMS off price?
Sy Syms. Sy Syms (May 12, 1926 – November 17, 2009) was an American businessman, entrepreneur and philanthropist, who founded the SYMS off-price clothing chain in New York City in 1959.
Who is the current CEO of Syms Corporation?
On November 2, 2011, Syms Corp. and its subsidiary Filene’s Basement, filed for Chapter 11 bankruptcy protection after more than a half a century in the clothing business. Sy Syms remained the company’s CEO until his retirement in 1998, when he was succeeded by his daughter, Marcy Syms.