"The store in Boston never really met our expectations," says Meyer, "especially when compared to stores in our other urban locations in Chicago and New York. We learned that we need a certain amount of population density around a store which Boston does not have."
Syms operates a chain of 46 off-price apparel stores throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest. While Syms will take a charge of approximately $10.5 million associated with closing costs in the third quarter Antoine Moreira, CEO of Syms says in a statement that "the closing should impact favorably on future profitability."
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