Sy Syms, Founder of SYMS Corp (Nasdaq: SYMS) Dies at Age 83

Sy Syms, 83, founder and chairman of the apparel chain SYMS Corp. (Nasdaq: SYMS), died recently in New York City said his daughter Marcy Syms, CEO of SYMS Corp.  Mr. Syms died of heart failure. Mr. Syms founded his business in New York's financial district in 1959, and was the first retailer to sell off-price men's clothing. He created the well-known slogan, "An educated consumer is our best customer,"  which he narrated in his first television commercial in 1974 and is used to this day. In 1983, when SYMS had expanded to 11 stores, Mr. Syms took the company public. He remained CEO of SYMS Corp. until 1998, when he was succeeded by daughter, Marcy.  Mr. Syms continued as the company's chairman until his death.

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Currently  SYMS Clothing has 30 stores in 13 states. In June 2009, SYMS acquired Filene's Basement. The company currently operates 52 stores under the SYMS and Filene's Basement brands. SYMS branched out in 1980 to acquire the luxury haberdasher A. Sulka & Company, which it sold in 1989. "My father had an uncanny talent that made him sensitive to the needs of his customers and the changes in the marketplace," says Marcy Syms. "He knew the time was right for off-price retailing. Certainly he was ahead of his time." Sy Syms was born Seymour Merinsky in Brooklyn, N.Y., on May 12, 1926. The family changed their surname to Merns when Mr. Syms' father and older brother opened a store on Vesey Street called Merns. Mr. Syms attended Brooklyn's Midwood High School, served in the U.S. Army, and attended New York University under the GI Bill. He was a sportscaster in Maryland and West Virginia before returning to New York in 1950 to join the family retail business. In 1959, he opened a rival store around the corner on Cortlandt Street, which he named after himself: "Sy Merns."

After losing a court battle, he was forced to rename the new store and decided on "SYMS," which later also became his legal surname. The Sy Syms Foundation, which Mr. Syms established, has endowed many philanthropic institutions, including The American Heart Association (which honored him in 2002 with a Heart of New York Award), Boys Town of Jerusalem, Children's Cancer Center & Blood Foundation, Congregation Emanu-El (where he was a member), Friends of the Israel Philharmonic, Parkinson's Disease Foundation, UJA-Federation of New York, and Public Television including Thirteen/WNET. SYMS was the first retailer to underwrite Public Broadcasting, beginning with Frontline. Through the Foundation, Mr. Syms also supported many schools and universities including The Allen-Stevenson School, Boston University, Parsons School of Design, Columbia University, Fashion Institute of Technology, Monmouth University, and Bryant University. Mr. Syms is survived by his wife, Lynn Tamarkin Syms. His first marriage, to Ruth Glickman Merns, ended in divorce. Mr. Syms is the father of six children. Mr. Syms was predeceased by his son, Stephen in 1998 and his daughter, Adrienne, in 1999. He is survived by his children Marcy, Robert, Richard, and Laura, two stepchildren, ten grandchildren, and three sisters. Funeral services will be held at Temple Emanu-El in New York City. In lieu of flowers, the family requests that contributions be made in Sy Syms' name to Mount Sinai Heart, c/o Dr. Valentin Fuster, MD, Mount Sinai Medical Center, One Gustave L. Levy Place, Box 1030, New York, NY 10029-6574.

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