UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of Earliest Event Reported):
January 7, 2011
Syms
Corp
(Exact
name of registrant as specified in its charter)
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New
Jersey
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001-8546
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22-2465228
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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One
Syms Way, Secaucus, New Jersey
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07094
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
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(201)
902-9600
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Not
Applicable
Former
name or former address, if changed since last report
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01. Entry into a Material Definitive Agreement.
On January 7, 2011, Syms Corp and its
wholly owned subsidiary, Filene’s Basement, LLC, entered into a First Amendment
to its Credit Agreement with Bank of America, N.A. dated August 27,
2009. As previously disclosed, the Credit Agreement provides for an
asset-based revolving credit facility of $75,000,000.
Among other things, the First Amendment
to Credit Agreement increases the appraisal percentage (by which the inventory
portion of the borrowing base is calculated), the real estate advance rates (by
which the real estate portion of the borrowing base is calculated) and the
sublimit for standby and documentary letters of credit.
The First Amendment to Credit Agreement
contains representations and warranties, financial reporting requirements and
events of default customary for a credit facility of this size, type and
purpose.
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is filed with
this Current Report on Form 8-K:
Exhibit 10.1 – First Amendment to
Credit Agreement dated as of January 7, 2011 by and among Syms Corp as Lead
Borrower, Filene’s Basement, LLC as Borrower and Bank of America, N.A. as
Administrative Agent and Collateral Agent and as a Lender.
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, hereunto duly
authorized.
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SYMS
CORP
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By:
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/s/ Seth L. Udasin
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Name: Seth
L. Udasin
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Title:
Senior Vice President and
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Chief
Financial and Administrative Officer
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Dated: January
7, 2011
EXHIBIT
INDEX
Exhibit
10.1 – First Amendment to Credit Agreement dated as of January 7, 2011 by and
among Syms Corp as Lead Borrower, Filene’s Basement, LLC as Borrower and Bank of
America, N.A. as Administrative Agent and Collateral Agent and as a
Lender.