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On The Block

Syms Corp.’s board plans to begin a review of business alternatives available to the discount apparel retailer. The Secaucus, NJ-based concern plans to examine various alternatives that could include the sale of the entire company. It brought in Rothschild Inc. to act as an exclusive financial adviser to help with the review process. For the fiscal year ended Feb. 26, Syms swung to a loss of $32.9 million from net income of $8.3 million a year earlier. Its results for fiscal 2010 include gains from life insurance proceeds and from the purchase of Filene’s Basement.

Martha Stewart Living Omnimedia Inc. hired Blackstone Advisory Partners as an adviser after the New York-based media and merchandising company was approached by other parties interested in forming a partnership or investing in the business. Blackstone Advisory will lead the review of strategic alternatives at the company founded by Martha Stewart, who is expected to return to the board of directors in the third quarter. Martha Stewart Living’ first-quarter losses widened to $7.08 million from $8.87 million a year earlier. Revenue decreased to $52.68 million from $53.24 million.

NeoMagic Corp. intends to review strategic alternatives concerning its future. The Santa Clara, Calif.-based company develops semiconductors, flash drives and other technology used in electronic devices. NeoMagic filed a Form 8-K with the SEC on May 20 stating it would temporarily suspend financial statement submissions. NeoMagic said in the filing that it “has chosen to use its limited resources for the continued operations of the company and fundraising efforts rather than the expenses required to have its independent registered public accounting firm audit its financial statements…”

Conmed Healthcare Management Inc.’s board has decided to analyze strategic alternatives. The provider of health care services to county detention centers plans to evaluate the possible sale of the company, as well as both acquisition and expansion opportunities. The Hanover, Md.-based company brought Gleacher & Co. on board as an exclusive independent financial adviser to help the board’s review. Conmed services county and municipal correctional facilities in Arizona, Kansas, Maryland, Oklahoma, Oregon, Tennessee, Virginia and Washington.