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Marcy Syms named as chairman of family business

Marcy Syms, second-generation CEO of the discount retail chain SYMS Corp, has been made chairman of the group, a role previously held by her father.

Sy Syms, company founder, died in November 2009 at the age of 83. (Click here to read our coverage of the story) Marcy has served as company president since 1983 and succeeded her father as CEO in 1998.

Sy founded SYMS in 1959 in New York's financial district. It was one of the first discount clothing stores to offer cut-price men's clothing. The business is still known by the slogan first coined by Sy in 1974, "An educated customer is our best customer".

The company went public in 1983 and currently operates 52 stores across 13 states and had 2008 revenues of $242 million.

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