Syms has emerged from Chapter 11 bankruptcy as Trinity Place Holdings Inc.,
the
New York Business Journal
reported.
When Syms filed for bankruptcy last November, it closed its retail locations, liquidated investors and redeemed shares owned by CEO Marcy Syms and her trusts.
The new entity, Trinity Place, owns 15 properties across the country; it has sold a 16th property in Miami, the journal article said.
The reorganization plan, confirmed by the U.S. Bankruptcy Court for the District of Delaware in August, calls for the reorganized entity to “dispose of Syms’ real estate assets over time to maximize their value for the benefit of creditors and shareholders,” according to
a press release.
Under the terms of the plan Marcy Syms and her affiliated entities will sell all of her shares and relinquish control of the company. (Source:
New York Business Journal,
Sept. 17, 2012.)
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