Exhibit 99.1


                  SYMS CORP CONSUMMATES ITS ACQUISITION OF THE
                        ASSETS OF FILENE'S BASEMENT, INC.


Secaucus,  New  Jersey,  June 18,  2009 - Syms  Corp  (NASDAQ:SYMS),  a  leading
off-price  retailer,  announced  today that  following the receipt of Bankruptcy
Court  approval,  Syms  consummated  its  previously  announced  acquisition  of
substantially  all of the assets of Filene's  Basement  in  Filene's  Chapter 11
bankruptcy proceedings.

Under its asset  purchase  agreement  with Filene's  Basement,  Syms,  through a
wholly-owned  subsidiary,  acquired the vast  majority of the current  operating
Filene's  Basement store leases,  store fixtures and inventory and is focused on
maintaining the Filene's Basement name and tradition. The total consideration to
Filene's Basement amounted to approximately $65 million plus certain  additional
costs of Filene's Basement that were assumed by Syms.

Vornado  Realty  Trust  (NYSE:  VNO)  provided a portion of the funding for this
transaction.  A joint  venture  (unrelated  to Syms) 50% owned by  Vornado  paid
approximately  $16.8  million  to  terminate  the  venture's  existing  Downtown
Crossing  lease with  Filene's  Basement  in  Boston.  Further,  Vornado  funded
approximately  $8.2 million in connection  with Syms agreeing to amend Vornado's
lease  assumed by Syms at 4 Union Square  South in  Manhattan to provide,  among
other  things,  for a minimum  $1.5 million  increase in annual rent.  The lease
between  Vornado  and  Filene's  Basement  at  Vornado's  Bergen  Town Center in
Paramus, New Jersey was also assumed by Syms.

Marcy Syms, President and Chief Executive Officer of Syms Corp, stated: "This is
an excellent  strategic  opportunity  for Syms. Syms has been in business for 50
years,  and  Filene's   Basement  for  100  years.  Our  businesses  are  highly
complementary.  We have long respected  Filene's Basement as a worthy competitor
and have the utmost respect for the institution  and its  traditions,  brand and
incredible  customer loyalty.  We are confident that leveraging  Filene's assets
with Syms'  infrastructure will provide for a stable and profitable business and
will position Filene's for renewed growth. This is a win for Educated Consumers,
a win for Syms, a win for the vast  majority of Filene's  employees  who will be
offered  employment  by a Syms  subsidiary,  and a win for the  economy.  We are
pleased to welcome a wonderful  management team and loyal employee base into the
Syms family."

Filene's Basement filed for Chapter 11 bankruptcy protection on May 4, 2009. The
sale of Filene's  assets was effected  pursuant to Section 363 of the Bankruptcy
Code.

Stifel, Nicolaus & Company, Incorporated served as investment banker to Syms and
Lowenstein  Sandler  PC  served  as  counsel  to Syms  in  connection  with  the
transaction.  Fried, Frank, Harris,  Shriver & Jacobson LLP served as counsel to
Vornado in connection with this transaction.





In addition to the stores previously  operated by Filene's  Basement,  Syms Corp
currently  operates a chain of thirty-two  "off-price"  apparel  stores  located
throughout  the  Northeastern  and Middle  Atlantic  regions and in the Midwest,
Southeast and Southwest.  Each Syms store offers a broad range of first quality,
in-season  merchandise  bearing  nationally  recognized  designer and brand-name
labels.


Forward-Looking Statements

Certain  information in this press release includes  forward-looking  statements
(as such term is  defined in the  Private  Securities  Litigation  Reform Act of
1995) and information  relating to Syms Corp and its subsidiaries that are based
on the  beliefs  of  Syms'  management,  as  well  as  assumptions  made  by and
information  currently  available to Syms'  management.  When used in this press
release,  the words "anticipate",  "believe",  "estimate",  "expect",  "intend",
"plan" and similar expressions as they relate to Syms Corp and its subsidiaries,
identify forward-looking  statements.  Such statements reflect the current views
of Syms Corp with respect to future  events,  the outcome of which is subject to
certain risks, including,  among others, general economic and market conditions,
decreased consumer demand for Syms' and Filene's Basement's  products,  possible
disruptions in Syms' computer or telephone  systems,  possible work stoppages or
increase  in labor  costs,  effects of  competition,  the impact of  integrating
Filene's  Basement's  business  and  Syms  Corp's  existing  business,  possible
disruptions  or delays in the  opening  of new  stores  or  inability  to obtain
suitable  sites for new  stores,  higher  than  anticipated  store  closings  or
relocation  costs,  higher  interest  rates and borrowing  costs,  unanticipated
increases in  merchandise  or occupancy  costs,  and other  factors which may be
outside control of Syms Corp. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results or
outcomes  may vary  materially  from  those  described  herein  as  anticipated,
believed, estimated,  expected, intended or planned. Subsequent written and oral
forward-looking  statements  attributable  to Syms Corp or persons acting on its
behalf are expressly qualified in their entirety by the cautionary statements in
this paragraph.