Note 10 – Subsequent Events

Payment of Claims

In accordance with the Plan, the Company made additional payments through December 31, 2014 that constituted the full distributions payable to the then presently Allowed Claims (as defined in the Plan) to the holders of Syms Class 2B and Filene’s Class 4, as defined in the Plan, in an aggregate amount of approximately $7.5 million, of which payments were made from the Company’s restricted cash balance as reported for the fiscal period ended November 29, 2014.

Motion filed with Bankruptcy Court

On December 31, 2014, the Company filed a motion (the “Motion”) with the Court seeking the following from the Court:

authority to enter into a $40 million loan facility, with the option if certain conditions are met, to add additional term loans not to exceed $10 million to be provided by Sterling National Bank and Israel Discount Bank of New York and secured by the Trinity Place Property;

authority to develop, sell or otherwise transfer the Syms Owned Real Estate in whole or in part (as such term is defined in the Plan), including the Trinity Place Property, pursuant to the Plan and Findings of Fact, Conclusions of Law and Order Confirming the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and Its Subsidiaries (the “Confirmation Order”);

authority to amend the certificate of incorporation of the Company to preserve the NOLs by virtue of certain restrictions on transfers of stock and stock ownership that may otherwise result in limitations on the NOLs;

confirmation that no mortgage recording, transfer, or similar taxes that may otherwise be incurred due to the transfer of any interest in Syms Owned Real Estate shall be due pursuant to section 1146 of Chapter 11 of the United States Code and the Confirmation Order.

The hearing on the Motion is scheduled for January 21, 2015. For more information on the Motion, see the Current Report on Form 8-K filed by the Company on December 31, 2014, which attaches a copy of the Motion, including the proposed loan facility and charter amendment, as Exhibit 10.1 thereto.