Syms Corp.’s ties with restructuring and consultancy advisory firm Alvarez & Marsal are deepening.
This story first appeared in the July 12, 2011 issue of WWD. Subscribe Today.
According to a regulatory filing on July 8 with the Securities and Exchange Commission, Syms’ interim chief financial officer is Gary Binkoski, a senior director with A&M.
WWD reported in May that the consulting and restructuring firm completed a project for Marcy Syms, the firm’s chairman, president and chief executive officer, just before the firm said it was exploring strategic options, including a possible sale of the public company. Rothschild Inc. was hired as financial advisor to assist in that process.
Marcy Syms and affiliated entities control 55.1 percent of the company’s stock.
Binkoski’s predecessor was Seth Udasin. Syms said on July 8 that Udasin had resigned as senior vice president, chief financial officer and chief accounting officer for personal reasons.
Named as chief accounting officer is Josephine Geiger, who became the off-pricer’s vice president and controller in October 2010. She was previously senior vice president and controller for Barneys New York from 2000 to 2010.
Syms lately has been under attack from shareholders for a number of issues ranging from the quality of its management team to the scheduling of its annual meeting. The annual meeting, which was set for Aug. 5, has since been rescheduled for July 29.
Separately, last week the company reported that, for the first quarter ended May 28, it logged net income of $1.5 million, or 10 cents a diluted share, versus a loss of $809,000, or 6 cents, in the year-ago quarter. The profit included a $6.4 million pretax gain on the disposition of assets. Sales declined 13.2 percent to $105.4 million from $121.4 million a year ago as same-store sales slid 12 percent.
Founded in 1959, Syms acquired Filene’s Basement in a bankruptcy auction in 2009.