Activist investors Barington Capital Group LP and Esopus Creek Advisors LLC are attempting to block clothing retailer Syms Corp. from deregistering its shares.
Syms delisted from the New York Stock Exchange on Jan. 14 and plans to deregister its shares on April 1. The activists, which together own over a 9.8 stake in the retailer, urged shareholders Thursday to register existing shares in their own names rather than under the banks or brokerage firms that hold the shares. The company may not deregister if it has 300 or more shareholders of record, and the activists believe that there are in excess of 1,000, yet only 240 of record. Syms stated that the delisting and deregistration should enable it to eliminate $750,000 in annual Sarbanes-Oxley costs. - Michael Rudnick
