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Syms Reportedly Looking to Move Some of its Real Estate

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Off-price clothing retailer Syms has quietly moved to sell or rent some of its real estate to other businesses, The Post has learned.

The Secaucus, NJ-based chain is looking to sell or lease properties it owns in Long Island, New Jersey and Florida, real-estate listings show. That, in turn, has prompted speculation that the company is either looking to raise cash amid a brutal retail climate or pursue a new strategy to unlock the value of its land holdings.

Esopus Creek Advisors, a New York hedge fund that owns Syms shares, last summer accused the retailer of understating the value of its real estate by at least 33 percent.

It complained that Syms said in its annual report that it had 55,000 square feet of "selling space" in Cherry Hill, NJ, but failed to mention the store was part of a shopping center totaling 156,000 square feet.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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