Syms Corp. reported earnings results for the quarter ended August 29, 2009. Net loss for the quarter was $7.89 million, down $1.29 million for the same quarter the previous year.

Syms Corp. reported un-audited earnings results for the second quarter and first half ended August 29, 2009. For the second quarter ended August 29, 2009, the company had a net loss of $9.7 million or $0.66 basic loss per share as compared to a net loss of $1.3 million or $0.09 basic loss per share for the second quarter ended August 30, 2008. For the second quarter ended August 29, 2009 same store sales at Syms locations decreased approximately 23% versus the comparable period last year. Net sales for the second quarter ended August 29, 2009 increased 29.5% to $76.4 million, versus $59.0 million for the comparable period last year. For the first half ended August 29, 2009, the net loss was $11.7 million or $0.80 basic loss per share as compared to a net loss of $0.7 million or $0.05 basic loss per share for the comparable period last year. For the first half, same store sales at Syms locations decreased approximately 22% versus the comparable period last year. The decreases in same store sales are largely attributable to reductions in store traffic concurrent with declines in U.S. economic conditions. Net sales for the first half increased 2.5% to $126.7 million versus $123.6 million for the comparable period last year. The increase in net sales is largely attributable to the acquisition of Filene's offset by decreases in store traffic.

On August 28, 2009, Syms Corp. and SYL, LLC obtained a committed $75,000,000 asset-based revolving credit facility from Bank of America, N.A. pursuant to a credit agreement, dated as of August 27, 2009, by and among the Borrowers, the guarantors party thereto from time to time, (iii) the lenders party thereto from time to time and (iv) Bank of America, as administrative agent, collateral agent and letter of credit issuer. Bank of America was the sole lender on the closing date. The full amount of the Credit Facility is available for loans and there is a $10,000,000 sublimit for standby and documentary letters of credit. The Credit Facility is secured by all personal property of the Borrowers and a first mortgage lien on real estate owned by Syms and located in Paramus, New Jersey. Availability under the Credit Facility is based on a borrowing base consisting of inventory, receivables, the mortgaged real estate and cash collateral. The Credit Facility will be available until August 27, 2012. Loans outstanding under the Credit Facility bear interest at a rate per annum equal to, at Borrowers� option, (i) the Base Rate plus the Applicable Margin or (ii) LIBOR for interest periods of 1, 2, 3 or 6 months plus the Applicable Margin. The 'Base Rate' equals the greatest of (a) Bank of America�s prime rate, (b) the Federal Funds Rate, plus 0.50% or (c) LIBOR for a one-month interest period, plus 1.0%, and changes each day as any of the foregoing components changes. Interest rates increase by 2.0% upon the occurrence of an event of default under the Credit Facility. The Credit Facility contains representations and warranties, financial reporting requirements, affirmative and negative covenants and events of default customary for a credit facility of this size, type, and purpose. A portion of the proceeds of the initial loans made under the Credit Facility were applied to repay all loans outstanding under the credit facility of Syms and SYL with Israel Discount Bank of New York, which credit facility was terminated upon such repayment.