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Discount clothier Syms (SYMS) files for bankruptcy after receiving no "viable bids" in an...

Discount clothier Syms (SYMS) files for bankruptcy after receiving no "viable bids" in an attempt to sell the company. Syms, which operates 46 stores under Filene’s Basement and its namesake brand in the U.S., says it plans to liquidate the business during the holiday season. SYMS -43.3% premarket.
Comments (4)
  • Tom Armistead
    , contributor
    Comments (5219) | Send Message
     
    I'm a little puzzled by this one, this has been a book value play for years, the theory was that the real estate is worth a lot more than it's on the books for.

     

    I owned it for a while, years ago, and gave up on it because there didn't seem to be any catalysts.
    2 Nov 2011, 09:22 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3529) | Send Message
     
    Times change. Real estate values fluctuate. The real estate may have lost value even to the point of being worth less than carried on the books. And the capitalized leases may not be negotiable. Who knows? We'll find out over time.
    2 Nov 2011, 01:27 PM Reply Like
  • SA Editor Eli Hoffmann
    , contributor
    Comments (695) | Send Message
     
    I'm also intrigued to see the post-mortem from the "all the value is in the real-estate" group.
    2 Nov 2011, 09:26 AM Reply Like
  • Tom Armistead
    , contributor
    Comments (5219) | Send Message
     
    Bill Ackman had some success with GGP, wonder if he will be looking at this.
    2 Nov 2011, 09:40 AM Reply Like
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