Syms Corp. (SYMS) shares soar as Board seeks options

Syms Corp. (Nasdaq: SYMS) saw its shares surge by 25.9% Wednesday afternoon to $9.38, after the operator of Filene’s Basement stores and its own namesake chain said it has hired Rothschild Inc. to explore strategic options for the company. Volume for the stock topped 148,000 shares, or more than 12 times its full-day average.

The company, based out of Secaucus, New Jersey, said its Board of Directors has initiated a process to explore and evaluate various potential strategic alternatives, which may include a possible sale of the Company. The Company has retained Rothschild Inc. as its exclusive financial advisor to assist the Company in connection with the strategic review process.

There is no defined timeline for this strategic review and there can be no assurance that the review of strategic alternatives will result in any specific action or transaction. Syms does not intend to comment further regarding the evaluation of strategic alternatives, unless a specific transaction is approved or review process is concluded, or it otherwise deems further disclosure is appropriate or required by law.

Management was not available for comment.

Tags: buzz stocks, consumer discretionary, nasdaq, SYMS

This entry was posted on Thursday, May 26th, 2011 at 4:06 pm by Glenn and is filed under Consumer Discretionary Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.