Syms urged by shareholder to stem retail losses, sell real estate

New York City -- Discount retailer Syms Corp. was urged by a shareholder to stem losses in its clothing business and sell some of the real estate holdings accumulated by late founder Sy Syms.

According to a Friday report by Bloomberg, Capstone Equities Capital Management LP sent a letter to Syms directors and CEO Marcy Syms on Thursday advocating asset sales, share buybacks and other steps to “enhance shareholder value.” 

Capstone values Syms’s real estate at more than $200 million, or about 50% more than the company’s worth as a money-losing retailer, according to the report.

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