Home / Knowledge / News / Apparel/Garments / Delaware court approves Syms Corp's reorganization plan
Delaware court approves Syms Corp's reorganization plan
Sep '12
The U.S. Bankruptcy Court for the District of Delaware has confirmed the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and Its Subsidiaries.

Under the Plan, Syms creditors holding allowed claims are entitled to payment in full. The Plan also provides for Filene’s Basement creditors to receive recoveries from Syms’ assets. Filene’s trade creditors are entitled to payment in full on their allowed claims and Filene's landlords with allowed lease rejection claims are entitled to a recovery of 75% on their claims.

Upon the Effective Date of the Plan, Syms will be reorganized and Reorganized Syms will dispose of Syms' real estate assets over time to maximize their value for the benefit of creditors and shareholders. Pursuant to the terms of the Plan confirmed by the Bankruptcy Court, the current majority shareholder (Marcy Syms and entities with which she is affiliated) will sell all of her shares to Reorganized Syms on the Plan’s Effective Date and relinquish control of the company.

On the Effective Date, Reorganized Syms' initial new board of directors will be comprised of three directors appointed by the Equity Committee, one director appointed by the Creditors' Committee, and one independent director mutually chosen by the Equity Committee and the Creditors' Committee.

For over 50 years SYMS has been committed to giving Educated Consumers real bargains on real designer clothes. SYMS is the Off-Price representative of over 200 authentic designer and brand names….Names You Must Know……in clothing and shoes, for men, women, and children. We offer an impressive selection of styles and sizes

Syms Corp.

Must ReadView All

Apparel/Garments | On 26th Oct 2016

SGS develops 4C chemical management model for apparel

SGS, a leading inspection, auditing, certification, testing, and...

Textiles | On 26th Oct 2016

Whitehouse & URI Business Centre start RI textile network

Senator Sheldon Whitehouse and the University of Rhode Island...

Textiles | On 25th Oct 2016

Arvind to dilute 10% stake in brand business arm

Arvind Limited, one of India’s largest integrated textile and apparel ...

Interviews View All

Rashi Menda

Every fifth sale we make on Zapyle is a repeat purchase

Rajiv Sirohi

‘Portugal is taking away a major share of the mill made sector.’

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search