SECAUCUS, NJ-The status of retailer Syms Corp. is currently up in the air. With the company having struggled with losses since acquiring substantially all of the assets of Filene's Basement out of bankruptcy two years ago, Syms' board of directors announced in a statement Thursday that they're considering selling the entire company. The Syms board has initiated a process to “explore and evaluate various potential strategic alternatives,” retaining Rothschild Inc. as its exclusive financial advisor.

With the Filene's retail stores owned by Syms in a partnership with Vornado Realty Trust, Syms company reported wider losses earlier this month as its quarterly revenue fell by 13% to $100.9 million after posting a loss for fiscal 2010, says Crain’s New York Business. In a statement, Syms says there is “no defined timeline” for the review and “no assurance” that the “review of strategic alternatives will result in any specific action or transaction.”

Syms does not intend to comment further regarding the evaluation of strategic alternatives, “unless a specific transaction is approved or review process is concluded, or it otherwise deems further disclosure is appropriate or required by law,” the company says in a statement. Syms operates 47 stores under the Syms and Filene's off-price brands.