Monday, June 13, 2011

The War Of Words Continues At Syms.

I finally received a response to my letter to Marcy Syms about the company exploring strategic alternatives. The email was an identical copy to the ones that other shareholders have received...

In other news, here is the most recent round between the activists and Syms:

Certainly, while response from Syms' legal council is vague, it seems to me that the process of exploring strategic alternatives is well underway. Additionally, while the company has given all shareholders a cold shoulder in regards to responding to letters with good suggestions, it seems like there is little case against many of the suggestions that have been espoused to management.

The beauty of this situation, it seems that the company is between a rock and a hard place, if they can't fix their mounting losses, they can't meet their obligations forever, and need to do something extreme before too long. This, in and of itself seems to be a great catalyst for change, which, from where I sit, is not presently baked into the price of the stock; the company needs to be turned around or sold off in parts. Marcy Syms is a millionare because of this company, and from that alone, she has no reason to see it destroyed by slowly it bleeding to death. While a total sale of the company may not happen, something needs to, and, likely will.

As I have said before, if you are reading this and long SYMS, do yourself a favor and send both the board and Marcy Syms and email or letter, voicing your opinion that something needs to be done to right the ship.

Disclosure: I am long shares of SYMS. This is not advice of any kind. Always do a ton of research in regard to anything that I say, do, write, or so much as even think about.

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