UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(A) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
Syms Corp.
----------
(Name of Issuer)
Common Stock, par value $0.05 per share
(Title of Class of Securities)
871551107
---------
(CUSIP Number)
Mr. James A. Mitarotonda c/o Barington Companies
Equity Partners, L.P.
888 Seventh Avenue, 17th Floor
New York, NY 10019
(212) 974-5700
--------------
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
June 25, 2004
-------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f), or 13d-1(g), check the following
box: |_|.
SCHEDULE 13D
CUSIP No. 871551107
-------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington Companies Equity Partners, L.P. 13-4088890
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) |_|
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3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 217,632
SHARES ---------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ---------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 217,632
WITH ---------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
217,632
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.44%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
PN
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SCHEDULE 13D
CUSIP No. 871551107
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington Companies Offshore Fund, Ltd. (BVI)
--------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 54,407
SHARES -----------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH -----------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 54,407
WITH -----------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
54,407
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.36%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 871551107
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Parche, LLC 20-0870632
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 90,051
SHARES ----------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ----------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 90,051
WITH ----------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
90,051
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.596%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 871551107
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Starboard Value & Opportunity Fund, LLC 37-1484524
-------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) |_|
--------------------------------------------------------------------------------
3) SEC USE ONLY
--------------------------------------------------------------------------------
4) SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 454,025
SHARES ----------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ----------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 454,025
WITH ----------------------------------------------
10) SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
454,025
--------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
--------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Item 1. Security and Issuer.
-------------------
This statement on Schedule 13D (the "Statement") relates to the common
stock, par value $0.05 per share (the "Common Stock"), of Syms Corp., a New
Jersey corporation (the "Company"). The principal executive offices of the
Company are located at Syms Way, Secaucus, New Jersey 07094.
Item 2. Identity and Background.
-----------------------
(a) - (c) This statement is being filed by Barington Companies
Equity Partners, L.P., Barington Companies Offshore Fund, Ltd., Parche, LLC and
Starboard Value & Opportunity Fund, LLC (each, a "Reporting Entity" and,
collectively, the "Reporting Entities").
As of the date of this filing, the Reporting Entities are the
beneficial owners of, in the aggregate, 816,115 shares of Common Stock,
representing approximately 5.4% of the shares of Common Stock presently
outstanding.
Barington Companies Equity Partners, L.P. is a Delaware limited
partnership formed to engage in the business of acquiring, holding and disposing
of investments in various companies.
The address of the principal offices of Barington Companies Equity Partners,
L.P. is 888 Seventh Avenue, 17th Floor, New York, New York 10019.
Barington Companies Offshore Fund, Ltd. (BVI) is a limited company
organized under the laws of the British Virgin Islands formed to engage in the
business of acquiring, holding and disposing of investments in various
companies. The address of the principal offices of Barington Companies Offshore
Fund, Ltd. (BVI) is c/o Bison Financial Services LTD, Bison Court Road Town,
Tortola, British Virgin Islands.
The general partner of Barington Companies Equity Partners, L.P. is
Barington Companies Investors, LLC. Barington Companies Investors, LLC is a
Delaware limited liability company formed to be the general partner of Barington
Companies Equity Partners, L.P. The address of the principal offices of
Barington Companies Investors, LLC is 888 Seventh Avenue, 17th Floor, New York,
New York 10019. James Mitarotonda is the managing member of Barington Companies
Investors, LLC. The business address of Mr. Mitarotonda is c/o Barington Capital
Group, L.P., 888 Seventh Avenue, 17th Floor, New York, New York 10019.
Barington Companies Investors, LLC is a majority-owned subsidiary of
Barington Capital Group, L.P. Barington Capital Group, L.P. is a New York
limited partnership formed to engage in the business of acquiring, holding and
disposing of investments in various companies. The address of the principal
business and principal offices of Barington Capital Group, L.P. is 888 Seventh
Avenue, 17th Floor, New York, New York 10019.
Barington Capital Group, L.P. is also the Managing Member of Barington
Companies Advisors, LLC, the investment advisor of Barington Companies Offshore
Fund, Ltd. (BVI), which has voting power with respect to the shares owned by
Barington Companies Offshore Fund, Ltd. (BVI). The address of the principal
offices of Barington Companies Advisors, LLC is 888 Seventh Avenue, 17th Floor,
New York, New York 10019.
The general partner of Barington Capital Group, L.P. is LNA Capital Corp.
LNA Capital Corp. is a Delaware corporation formed to be the general partner of
Barington Capital Group, L.P. The address of the principal business and
principal offices of LNA Capital Corp. is: c/o Barington Capital Group, L.P.,
888 Seventh Avenue, 17th Floor, New York, New York 10019. James Mitarotonda is
the sole stockholder of LNA Capital Corp.
Each of Starboard Value & Opportunity Fund, LLC and Parche, LLC is a
Delaware limited liability company formed for the purpose of making equity
investments and, on occasion, taking an active role in the management of
portfolio companies in order to enhance shareholder value. The address of the
principal offices of Starboard Value & Opportunity Fund, LLC and Parche, LLC is
666 Third Avenue, 26th Floor, New York, New York 10017.
The managing member of each of Starboard Value & Opportunity Fund, LLC and
Parche, LLC is Admiral Advisors, LLC. The sole member of Admiral Advisors, LLC
is Ramius Capital Group, LLC. Ramius Capital Group, LLC is a Delaware limited
liability company that is engaged in money management and investment advisory
services for third parties and proprietary accounts. The address of the
principal offices of Ramius Capital Group, LLC is 666 Third Avenue, 26th Floor,
New York, New York 10017. The Managing Member of Ramius Capital Group, LLC is
C4S & Co., LLC, a Delaware limited liability company formed to be the managing
member of Ramius Capital Group, LLC. The address of the principal offices of C4S
& Co., LLC is 666 Third Avenue, 26th Floor, New York, New York 10017. Each of
Peter A. Cohen, Morgan B. Stark, Jeffrey M. Solomon and Thomas W. Strauss is a
managing member of C4S & Co., LLC. The business address of each of Messrs.
Cohen, Stark, Solomon and Strauss is 666 Third Avenue, 26th Floor, New York, New
York 10017.
(d) - (e) During the last five years, none of the Reporting Entities
or any other person identified in response to this Item 2 was convicted in a
criminal proceeding (excluding traffic violations and similar misdemeanors) or
was a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or state securities laws or finding
any violation with respect to such laws.
(f) Each natural person identified in Item 2 is a citizen of the
United States.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
All purchases of Common Stock by the Reporting Entities were made in
open market transactions described in the attached Schedule. All such purchases
of Common Stock were funded by working capital, which may, at any given time,
include margin loans made by brokerage firms in the ordinary course of business.
The amount of the funds expended for such purchases was $1,794,916.76 by
Barington Companies Equity Partners, L.P., $448,722.11 by Barington Companies
Offshore Fund Ltd. (BVI), $833,509.38 by Parche, LLC and $3,750,336.98 by
Starboard Value & Opportunity Fund, LLC.
Item 4. Purpose of Transaction.
----------------------
Each of the Reporting Entities acquired beneficial ownership of the Shares
of Common Stock to which this Statement related in order to obtain a significant
equity position in the Company, the Common Stock of which, in the opinion of the
Reporting Entities, has been undervalued.
The Reporting Persons consider their equity position to be for investment
purposes only. Each of the Reporting Entities may acquire additional shares or
other securities of the Company or sell or otherwise dispose of any or all of
the shares or other securities of the Company beneficially owned by it. The
Reporting Entities may also take any other action with respect to the Company or
any of its debt or equity securities in any manner permitted by law.
Except as set forth in this Item 4, none of the Reporting Entities
have any present plans or proposals that relate to or would result in any of the
actions specified in clauses (a) through (j) of the instructions to Item 4 of
Schedule 13D.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) As of the date hereof, Barington Companies Equity Partners, L.P.
beneficially owns an aggregate of 217,632 shares of Common Stock, representing
approximately 1.44% of the shares of Common Stock presently outstanding based
upon based upon the 15,104,553 shares of Common Stock reported by the Company to
be issued and outstanding as of May 3, 2004 in its Form 10-K filed with the
Securities and Exchange Commission on May 20, 2004 (the "Issued and Outstanding
Shares").
As of the date hereof, Barington Companies Offshore Fund, Ltd. (BVI)
beneficially owns an aggregate of 54,407 shares of Common Stock, representing
approximately 0.36% of the shares of Common Stock presently outstanding based
upon the Issued and Outstanding Shares.
As of the date hereof, Parche, LLC beneficially owns an aggregate of
90,051 shares of Common Stock, representing approximately 0.596% of the shares
of Common Stock presently outstanding based upon the Issued and Outstanding
Shares.
As of the date hereof, Starboard Value & Opportunity Fund, LLC
beneficially owns an aggregate of 454,025 shares of Common Stock, representing
approximately 3.0% of the outstanding shares of Common Stock based upon the
Issued and Outstanding Shares.
(b) Each of the Reporting Entities has sole voting and dispositive
power over the shares of Common Stock reported as beneficially owned by it.
(c) Except as set forth above or in the attached Schedule, no person
identified in Item 2 hereof has effected any transaction in shares of such
Common Stock during the 60 days preceding the date hereof.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understanding or Relationships With
Respect to Securities of the Issuer.
------------------------------------------------------------
Not applicable
Item 7. Material to be Filed as Exhibits.
--------------------------------
99.1 Agreement of Joint Filing among Barington Companies Equity
Partners, L.P., Barington Companies Offshore Fund, Ltd.
(BVI), Parche, LLC and Starboard Value & Opportunity Fund,
LLC dated July 5, 2004.
SIGNATURES
----------
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: July 5, 2004
BARINGTON COMPANIES EQUITY PARTNERS,
L.P.
By: Barington Companies Investors,
LLC, its general partner
By: /s/ James A. Mitarotonda
------------------------------------
Name: James Mitarotonda
Title: Manager
BARINGTON COMPANIES OFFSHORE FUND,
LTD. (BVI)
By: /s/ James A. Mitarotonda
------------------------------------
Name: James A. Mitarotonda
Title: Manager
PARCHE, LLC
By: Admiral Advisors, LLC, its managing
member
By: /s/ Jeffrey M. Solomon
-----------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
STARBOARD VALUE & OPPORTUNITY FUND, LLC
By: Admiral Advisors, LLC, its managing
member
By: /s/ Jeffrey M. Solomon
------------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
SCHEDULE
This schedule sets forth information with respect to each purchase of
Common Stock which was effectuated by a Reporting Entity during the past 60
days. All transactions were effectuated in the open market through a broker.
Shares purchased by Barington Companies Equity Partners, L.P.
Number of
Date Shares Price Per Share Cost(1)
---- --------- --------------- -----------
2/20/04 14,534 $7.80 $113,365.20
2/23/04 10,266 $7.8691 $80,784.18
3/2/04 1,014 $7.850 $7,959.90
3/3/04 1,094 $7.850 $8,587.90
3/4/04 2,826 $7.8945 $22,309.86
3/5/04 54 $7.87 $424.98
3/8/04 453 $7.9753 $3,612.81
3/10/04 453 $8.1456 $3,689.96
3/11/04 933 $8.0857 $7,543.96
3/12/04 160 $8.1375 $1,302.00
3/15/04 454 $8.1035 $3,678.99
3/16/04 296 $8.1405 $2,405.59
3/17/04 213 $8.0994 $1,725.17
3/18/04 374 $8.0547 $3,012.46
3/19/04 480 $8.0483 $3,863.18
3/22/04 586 $8.0157 $4,697.20
3/23/04 797 $8.0311 $6,400.79
3/25/04 640 $8.000 $5,120.00
3/26/04 534 $8.000 $4,272.00
3/29/04 587 $8.000 $4,696.00
3/30/04 1,307 $8.000 $10,456.00
3/31/04 1,945 $8.000 $15,560.00
4/12/04 1,894 $7.700 $14,583.80
4/14/04 2,666 $7.6351 $20,355.18
4/15/04 320 $7.5875 $2,428.00
4/22/04 16,000 $8.000 $128,000.00
5/7/04 1,334 $7.700 $10,271.80
6/15/04 160 $7.9425 $1,270.80
6/22/04 136,830 $8.300 $1,135,689.00
6/25/04 4,374 $8.9112 $38,977.59
6/28/04 4,214 $9.0559 $38,161.56
6/29/04 1,840 $8.9881 $16,538.10
6/30/04 8,000 $9.1466 $73,172.80
----------
(1) Excludes commissions and other execution-related costs.
Shares purchased by Barington Companies Offshore Fund, Ltd.
Number of
Date Shares Price Per Share Cost(2)
---- --------- --------------- -----------
2/20/04 3,633 $7.800 $28,337.40
2/23/04 2,567 $7.8691 $20,199.98
3/2/04 253 $7.850 $1,986.05
3/3/04 273 $7.850 $2,143.05
3/4/04 707 $7.8945 $5,581.41
3/5/04 13 $7.87 $102.31
3/8/04 114 $7.9753 $909.18
3/10/04 114 $8.1456 $928.60
3/11/04 233 $8.0857 $1,883.97
3/12/04 40 $8.1375 $325.50
3/15/04 113 $8.1035 $915.70
3/16/04 74 $8.1405 $602.40
3/17/04 54 $8.0994 $437.37
3/18/04 93 $8.0547 $749.09
3/19/04 120 $8.0483 $965.80
3/22/04 147 $8.0157 $1,178.31
3/23/04 200 $8.0311 $1,606.22
3/25/04 160 $8.000 $1,280.00
3/26/04 133 $8.000 $1,064.00
3/29/04 146 $8.000 $1,168.00
3/30/04 326 $8.000 $2,608.00
3/31/04 487 $8.000 $3,896.00
4/12/04 473 $7.700 $3,642.10
4/14/04 667 $7.6351 $5,092.61
4/15/04 80 $7.5875 $607.00
4/22/04 4,000 $8.000 $32,000.00
5/7/04 333 $7.700 $2,564.10
6/15/04 40 $7.9425 $317.70
6/22/04 34,208 $8.300 $283,926.40
6/25/04 1,093 $8.9115 $9,740.27
6/28/04 1,053 $9.0559 $9,535.86
6/29/04 460 $8.9881 $4,134.53
6/30/04 2,000 $9.1466 $18,293.20
----------
(2) Excludes commissions and other execution-related costs.
Shares purchased by Parche, LLC
Number of
Date Shares Price Per Share Cost(3)
---- --------- --------------- -----------
6/30/04 86,851 $9.26 $804,240.26
6/30/04 3,200 $9.1466 $29,269.12
----------
(3) Excludes commissions and other execution-related costs.
Shares purchased by Starboard Value & Opportunity Fund, LLC
Number of
Date Shares Price Per Share Cost(4)
---- --------- --------------- -----------
3/1/04 49,600 $7.9200 $392,832.00
3/2/04 2,206 $7.8500 $15,904.06
3/3/04 2,186 $7.8500 $17,160.10
3/4/04 5,654 $7.8945 $44,635.66
3/5/04 112 $7.8700 $881.44
3/8/04 952 $7.9753 $7,592.48
3/10/04 952 $8.1456 $7,754.64
3/11/04 1,961 $8.0857 $15,856.04
3/12/04 336 $8.1375 $2,734.20
3/15/04 952 $8.1035 $7,714.54
3/16/04 621 $8.1405 $5,055.28
3/17/04 426 $8.0994 $3,450.36
3/18/04 784 $8.0547 $6,314.86
3/19/04 1,008 $8.0483 $8,112.72
3/22/04 1,232 $8.0157 $9,875.32
3/23/04 1,674 $8.0311 $13,444.08
3/25/04 1,344 $8.0000 $10,752.00
3/26/04 1,120 $8.0000 $8,960.00
3/29/04 1,232 $8.0000 $9,856.00
3/30/04 2,744 $8.0000 $21,952.00
3/31/04 4,084 $8.0000 $32,672.00
4/12/04 3,976 $7.7000 $30,615.12
4/14/04 5,600 $7.6351 $42,756.38
4/15/04 672 $7.5875 $5,098.80
4/22/04 33,600 $8.0000 $268,800.00
5/7/04 2,800 $7.7000 $21,559.92
6/15/04 336 $7.9425 $2,668.68
6/22/04 287,345 $8.3000 $2,384,963.42
6/25/04 9,184 $8.9117 $81,845.38
6/28/04 8,848 $9.0559 $80,126.60
6/29/04 3,864 $8.9881 $34,730.02
6/30/04 16,800 $9.1466 $153,662.88
----------
(4) Excludes commissions and other execution-related costs.