Syms to delist shares from NYSE

SECAUCUS, N.J. Off-price retailer Syms announced last week that it would voluntarily delist its shares of common stock from trading on the New York Stock Exchange and, based upon ownership by fewer than 300 holders of record of its shares, deregister its common stock under the federal securities laws.

Syms said that after its shares are delisted from the NYSE, it expects its shares will trade on the Pink Sheets, an electronic network through which participating broker-dealers can make markets, and enter orders to buy and sell shares of companies.

According to the company, Syms decided to remove itself from the NYSE, mainly because of the financial and administrative burdens associated with being a Securities and Exchange Commission reporting company and regulatory compliance under the Sarbanes-Oxley Act of 2002. The company estimates that the direct recurring annual savings will exceed $750,000.

Marcy Syms, the ceo of the company, commented,“We believe the costs associated with being a SEC-registered company which is listed on the New York Stock Exchange outweigh the benefits. Moreover, we expect that trading on the Pink Sheets will continue to provide a platform and liquidity to our shareholders.”