Syms Corp is Declared to Be the Successful Bidder in Filene’s Basement’s Bankruptcy Proceedings

SECAUCUS, N.J., June 16 /PRNewswire-FirstCall/ — Syms Corp (Nasdaq: SYMS), a leading off-price retailer, announced today that its bid to acquire the assets of Filene’s Basement, Inc. has been determined to be the highest and best bid, and has been accepted, by Filene’s Basement and by the creditors’ committee established in Filene’s Basement’s Chapter 11 bankruptcy proceedings. A hearing to authorize the debtor to enter into Syms’ asset purchase agreement is scheduled to be conducted by the Bankruptcy Court after the close of business on June 17, 2009. If its agreement is approved by the Bankruptcy Court, Syms expects to consummate the acquisition of the vast majority of the current operating Filene’s Basement store leases, store fixtures and inventory on or about June 18, 2009. The specific terms of the transaction were not disclosed.

Syms Corp currently operates a chain of thirty-two “off-price” apparel stores located throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest. Each Syms store offers a broad range of first quality, in-season merchandise bearing nationally recognized designer and brand-name labels.

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 that are based on the beliefs of Syms’ management, as well as assumptions made by and information currently available to Syms’ management. 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, uncertainties associated with the Filene’s Basement bankruptcy process 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 expected. 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.

Media Contacts:

Davia Temin or Jim Daniels of Temin and Company, 212-588-8788 or news@teminandco.com.

SOURCE Syms Corp