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77-524: At its height, the company and its subsidiary collectively owned and operated a chain of 55 "off-price" retail stores in 16 states; the company employed approximately 3,800 full and part-time workers. Each SYMS and Filene's Basement store offered a broad range of merchandise from nationally recognized designer or brand-name labels for men, women, and children. On November 2, 2011, SYMS and Filene's Basement collectively filed for Chapter 11 bankruptcy protection . All SYMS and Filene's Basement stores were closed at

154-558: A Limited liability company but elects to be taxed as a Corporation , the IRS no longer recognizes the individual as a sole proprietorship. The setting-up process of a sole proprietorship to comply with local laws and regulations, is obtainable from the Small Business Development Center (SBDC), using their locator facility. A sole proprietor must be prepared to devote their time, utilizing business methods towards establishing

231-403: A valuation of the reorganized business. Bankruptcy valuation is often highly contentious because it is both subjective and important to case outcomes. The methods of valuation used in bankruptcy have changed over time, generally tracking methods used in investment banking, Delaware corporate law, and corporate and academic finance, but with a significant time lag. Chapter 11 retains many of

308-454: A business that may not qualify for traditional financing from institutions, such as banks. For the sole proprietor, seeking to take advantage of this facility, there are various factors that must be understood and adhered to regarding the loan application . The Small Business Administration (SBA) advises that there are traditionally two forms of financing: debt and equity . For any small business owner seeking funding, they must consider

385-428: A business to begin trading; the requirements for record-keeping are far more straightforward than other business structures. Sole traders make all operational decisions and are solely responsible for raising business finance. They can invest their own capital into the business, or may be able to access business loans and/or overdrafts. Unlike limited companies or partnerships, it is not necessary to share decision-making or

462-433: A credit bureau; for example, Trans-Union, Equifax or Experian . This action should be initiated by a business owner well before starting the borrowing process. The Small Business Administration specifies that all credit reports received from any source should be carefully reviewed to ensure that all relevant personal information is correct. Other content in the report should also be examined particularly that related to

539-419: A grant in their capacity as an individual. Local governments and state economic development agencies, frequently make grants available, for businesses that stimulate their local economies . For any sole proprietor applying for a loan, before starting the loan procedure, it is essential that their personal and business credit history is in order and up-to-date. A personal credit report should be obtained from

616-549: A limited company. It can also be the case that within certain industries, it is easier to secure work if presenting potential business partners with a limited company structure. In the United States, there are no formalities that must be followed to start a sole proprietorship or commence business as a sole proprietor. However, depending upon the business activity of the sole proprietorship, sole proprietors may require licenses and permits in order to conduct business. According to

693-466: A motion to convert to chapter 7 or appoint a trustee if either of these actions is in the best interest of all creditors. Sometimes a company will liquidate under chapter 11 (perhaps in a 363 sale), in which the pre-existing management may be able to help get a higher price for divisions or other assets than a chapter 7 liquidation would be likely to achieve. Section 362(d) of the Bankruptcy Code allows

770-415: A number of mechanisms to restructure its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business's earnings. The court may also permit the debtor in possession to reject and cancel contracts. Debtors are also protected from other litigation against the business through the imposition of an automatic stay . While the automatic stay

847-473: A percentage of the profits, generated by the business. To assist sole proprietors, there are business grants available from the Federal Government or private organizations, providing certain criteria are met. To qualify for Federal grants, small businesses must comply with determined business size and income standards. For consideration regarding various grant opportunities, sole proprietors may apply for

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924-410: A plan during the period of exclusivity. This period allows the debtor 120 days from the date of filing for chapter 11 to propose a plan of reorganization before any other party in interest may propose a plan. If the debtor proposes a plan within the 120-day exclusivity period, a 180-day exclusivity period from the date of filing for chapter 11 is granted in order to allow the debtor to gain confirmation of

1001-479: A price war against competitors — all with the bankruptcy court's approval. Studies on the impact of forestalling the creditors' rights to enforce their security reach different conclusions. Chapter 11 cases dropped by 60% from 1991 to 2003. One 2007 study found this was because businesses were turning to bankruptcy-like proceedings under state law, rather than the federal bankruptcy proceedings, including those under chapter 11. Insolvency proceedings under state law,

1078-442: A reorganization; a conversion into chapter 7 liquidation, or it is dismissed. In order for a chapter 11 debtor to reorganize, they must file (and the court must confirm) a plan of reorganization. Simply put, the plan is a compromise between the major stakeholders in the case, including, but not limited to the debtor and its creditors. Most chapter 11 cases aim to confirm a plan, but that may not always be possible. Section 1121(b) of

1155-488: A sound and appropriate foundation. Doing so may contribute to increased turnover, profits, minimize taxes, and avoid other potential adversities. Sole owners are engaged in many varieties of industry and commerce, and a comprehensive list of the primary categories is found in the North American Industry Classification System (NAICS). The selection of a business type, by a new sole proprietor,

1232-410: A specific project, or participate in the company's decision-making process, their contribution to the project or decision is considered a recommendation under the law. Under the legal doctrine respondeat superior ( Latin : "let the master answer"), the legal liability for any business decision arising from such a contribution remains upon the owner and cannot be renounced or apportioned . This

1309-646: A unique New Zealand Business Number (NZBN), which any business in New Zealand can use to identify the business in commercial relationships and dealings with the government. A sole trader is the simplest type of business structure defined in UK law. It refers to an individual who owns their own business and retains all the profits from it. When starting up, sole traders must complete a straightforward registration with HM Revenue and Customs as self-employed for tax and National Insurance purposes. They are responsible for maintaining

1386-445: Is a "sole" proprietorship in contrast with a partnership , which has at least two owners. Sole proprietors may use a trade name or business name other than their legal name. They may have to trademark their business name legally if it differs from their own legal name, with the process varying depending upon country of residence. Registration of a business name for a sole proprietor is generally uncomplicated, unless it involves

1463-566: Is exclusively liable for all business activities conducted by the sole proprietorship and, accordingly, entitled to full control and all earnings associated with it. In the Netherlands, a sole trader is categorized as a "ZZPer", and must register with the Chamber of Commerce and get a VAT ID . Not all ZZPers are sole traders. In Ireland, a sole trader who wishes to trade using a business name other than their true surname must register that name with

1540-442: Is in many instances, motivated by appropriate business experience in a particular field, especially those pertaining to enterprises involving the marketing and selling of defined products and services. A crucial component of a sole proprietorship within a business plan is the provision of an inherent guideline, for actions that require implementing for a business to achieve growth. The business name and products are critical aspects in

1617-417: Is in place, creditors are stayed from any collection attempts or activities against the debtor in possession, and most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue. An example of proceedings that are not necessarily stayed automatically are family law proceedings against a spouse or parent. Further, creditors may file with

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1694-408: Is severable. The trustee or debtor-in-possession normally assumes a contract or lease if it is needed to operate the reorganized business or if it can be assigned or sold at a profit. The trustee or debtor-in-possession normally rejects a contract or lease to transform damage claims arising from the nonperformance of those obligations into a prepetition claim. In some situations, rejection can also limit

1771-413: Is transposed by the unlimited liability attached to a sole proprietary business. The owner carries the financial responsibility for all debts and/or losses suffered by the business, to the extent of using personal or other assets to discharge any outstanding liabilities . Thus, the owner of a sole proprietorship may be forced to use his/her personal holdings, such as his/her car, to pay the debts. The owner

1848-444: Is treated as a contested matter under Bankruptcy Rule 9014. A party seeking relief from the automatic stay must also pay the filing fee required by 28 U.S.C.A. § 1930(b). In the new millennium, airlines have fallen under intense scrutiny for what many see as abusing Chapter 11 bankruptcy as a tool for escaping labor contracts, usually 30–35% of an airline's operating cost. Every major US airline has filed for Chapter 11 since 2002. In

1925-559: The Companies Registration Office (CRO). In Malaysia, there are three laws governing the registration and administration of sole proprietors:- In West Malaysia, the registration of sole proprietors come under the purview of the Companies Commission of Malaysia ( Suruhanjaya Syarikat Malaysia , abbreviated as SSM ). In Sabah and Sarawak (with the exception of Kuching ), the registrations of businesses are done at

2002-563: The Small Business Administration (SBA), a sole proprietor and their business are considered as one and the same; therefore, the business is not subjected to separate taxation and regarded as the direct income of the owner. Income, losses and expenses may be listed on a Schedule C, which is then transferred to the personal tax return of the owner. It is the responsibility of the owner to ensure all due income taxes and self-employment contributions are paid. A permitted exception to

2079-465: The automatic stay of § 362. The automatic stay requires all creditors to cease collection attempts, and makes many post-petition debt collection efforts void or voidable. Under some circumstances, some creditors, or the United States Trustee , can request the court convert the case into a liquidation under chapter 7, or appoint a trustee to manage the debtor's business. The court will grant

2156-426: The business entity . A sole trader does not necessarily work alone and may employ other people. The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts . Every asset of the business is owned by the proprietor, and all debts of the business are that of the proprietor; the business is not a separate legal entity . The arrangement

2233-452: The debt-to-equity ratio of their enterprise. This means the inter-action between the sum of dollars borrowed and the financial dollars invested in the business. The mathematics are simple; greater the finance invested by sole proprietors in their business; easier the obtaining of finance! The SBA statistics show that the majority of small enterprises favor the use of limited equity financing; for example, friends and relatives. According to

2310-405: The 10-Q filed on November 11, 2001. The company announced that the annual financials were under review at the time of filing for Chapter 11. Sole proprietorship A sole proprietorship , also known as a sole tradership , individual entrepreneurship or proprietorship , is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and

2387-405: The Bankruptcy Code provides for an exclusivity period in which only the debtor may file a plan of reorganization. This period lasts 120 days after the date of the order for relief, and if the debtor does file a plan within the first 120 days, the exclusivity period is extended to 180 days after the order for relief for the debtor to seek acceptance of the plan by holders of claims and interests. If

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2464-483: The Bankruptcy Code), so, only a debtor can file a plan of reorganization . The SBRA requires the U.S. Trustee appoint a "subchapter V trustee" to every Subchapter V case to supervise and control estate funds, and facilitate the development of a consensual plan. It also eliminates automatic appointment of an official committee of unsecured creditors and abolishes quarterly fees usually paid to the U.S. Trustee throughout

2541-534: The SBA, but the administration does guarantee loans made by various independent lending institutions. The primary loan facility for small businesses offered by this agency is the 7(a) loan program, designed for general applications. Sole proprietors are able to finance legitimate operating expenses; for example, working capital, furniture, leasehold improvements and building renovations. Many and varied private organizations and individuals seek opportunities to invest and fund

2618-614: The SBA, there are various private organizations prepared to fund sole proprietor business operations that do not qualify for traditional financing from banks. These private investors can provide loans, credit lines, leasing facilities for equipment, or other forms of capital, to sole proprietorship that have exhausted alternative financial resources. It is also possible for these owners to obtain financing by way of business partners or others, with cash to invest. Financial partners are frequently "silent" and although they do not participate in any business related decisions, they generally receive

2695-601: The SSM took legal action against 478 online businesses that failed to register their businesses, whether as sole proprietors, partnerships, or private limited companies. As at May 12, 2017, a total of 50,882 online businesses have registered with the SSM since 2015. Sole traders in New Zealand must notify the Inland Revenue Department that they are trading and must register for Goods and Services Tax purposes if their income exceeds $ 60,000 per year. Sole traders may obtain

2772-560: The United States Bankruptcy Code ( Title 11 of the United States Code ) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy , is available to every business , whether organized as a corporation , partnership or sole proprietorship , and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs

2849-433: The advantages of a traditional Chapter 11 case without the unnecessary procedural burdens and costs. It seeks to increase the debtor's ability to negotiate a successful reorganization and retain control of the business and increase oversight and ensure a quick reorganization. A Subchapter V case contrasts from a traditional Chapter 11 in several key aspects: it is earmarked only for the "small business debtor" (as defined by

2926-559: The automatic stay provisions of the Bankruptcy Code. In August 2019, the Small Business Reorganization Act of 2019 ("SBRA") added Subchapter V to Chapter 11 of the Bankruptcy Code. Subchapter V, which took effect in February 2020, is reserved exclusively for the small business debtor with the purpose of expediting bankruptcy procedure and economically resolving small business bankruptcy cases. Subchapter V retains many of

3003-441: The best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy. If the case is dismissed, creditors will look to non-bankruptcy law in order to satisfy their claims. In order to proceed to the confirmation hearing, a disclosure statement must be approved by the bankruptcy court. Once the disclosure statement is approved, the plan proponent will solicit votes from

3080-433: The business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession , and is subject to the oversight and jurisdiction of the court. A Chapter 11 bankruptcy will result in one of three outcomes for

3157-418: The business's records and submitting an annual tax return for all income from self-employment and other work. If revenue is expected to be more than £85,000 a year, they must also register for Value Added Tax . A sole trader can employ staff, but is personally responsible for any losses the business takes. Becoming a sole trader is relatively simple compared to other business structures. It can rapidly enable

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3234-512: The case. Most notably, Subchapter V allows the small business owner to retain their equity in the business so long as the reorganization plan does not discriminate unfairly and is fair and equitable with respect to each class of claims or interests. The reorganization and court process may take an inordinate amount of time, limiting the chances of a successful outcome and sufficient debtor-in-possession financing may be unavailable during an economic recession. A preplanned, pre-agreed approach between

3311-471: The classes of creditors. Solicitation is the process by which creditors vote on the proposed confirmation plan. This process can be complicated if creditors fail or refuse to vote. In which case, the plan proponent might tailor his or her efforts in obtaining votes, or the plan itself. The plan may be modified before confirmation, so long as the modified plan meets all the requirements of Chapter 11. A chapter 11 case typically results in one of three outcomes:

3388-572: The closing of SYMS Corp and her departure, Marcy Syms remains an active philanthropist who has continued to facilitate raising the level of awareness for public television and the programing challenges it faces by diminished funding. In addition, she is the president of the Sy Syms Foundation and an original trustee of the board of overseers at the Sy Syms School of Business . Chapter 11, Title 11, United States Code Chapter 11 of

3465-492: The company acquired the bankrupt Filene's Basement low-cost chain for $ 62.4 million. But the acquisition could not help the struggling company succeed in a poor economy and faced with increased competition from large department stores. On November 2, 2011, SYMS and Filene's Basement collectively filed for Chapter 11 bankruptcy protection , with all stores to close by the end of the year. The combined companies had 46 locations and employed some 2,500 workers. Sy Syms (1926–2009), who

3542-617: The company public with an initial public offering , netting himself about $ 25 million in the process, and expanded the chain to include eleven retail locations. The company continued to expand throughout the 1980s and 90s, at its height peaking at forty-eight locations. In 1998, Sy's daughter Marcy Syms was named chief executive officer , though Sy remained as chairman of the board and continued to come to work every day. The early 21st century presented tough times for SYMS, with its first loss in its history in 2000, followed up by three more consecutive years of losses between 2001 and 2004. In 2009,

3619-442: The cost of litigating the chapter 11 case) are paid first. Secured creditors —creditors who have a security interest , or collateral , in the debtor's property—will be paid before unsecured creditors. Unsecured creditors' claims are prioritized by § 507. For instance the claims of suppliers of products or employees of a company may be paid before other unsecured creditors are paid. Each priority level must be paid in full before

3696-408: The court must determine whether the plan is "feasible, " in other words, the court must safeguard that confirming the plan will not yield to liquidation down the road. The plan must ensure that the debtor will be able to pay most administrative and priority claims (priority claims over unsecured claims ) on the effective date. Like other forms of bankruptcy, petitions filed under chapter 11 invoke

3773-442: The court seeking relief from the automatic stay. If the business is insolvent , its debts exceed its assets and the business is unable to pay debts as they come due, the bankruptcy restructuring may result in the company's owners being left with nothing; instead, the owners' rights and interests are ended and the company's creditors are left with ownership of the newly reorganized company. All creditors are entitled to be heard by

3850-409: The court to terminate, annul, or modify the continuation of the automatic stay as may be necessary or appropriate to balance the competing interests of the debtor, its estate, creditors, and other parties in interest and grants the bankruptcy court considerable flexibility to tailor relief to the exigencies of the circumstances. Relief from the automatic stay is generally sought by motion and, if opposed,

3927-436: The court. The court is ultimately responsible for determining whether the proposed plan of reorganization complies with bankruptcy laws. One controversy that has broken out in bankruptcy courts concerns the proper amount of disclosure that the court and other parties are entitled to receive from the members of the creditor's committees that play a large role in many proceedings. Chapter 11 usually results in reorganization of

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4004-406: The creditors' objection, the plan must not discriminate against that class of creditors, and the plan must be found fair and equitable to that class. Upon confirmation, the plan becomes binding and identifies the treatment of debts and operations of the business for the duration of the plan. If a plan cannot be confirmed, the court may either convert the case to a liquidation under chapter 7, or, if in

4081-427: The damages that a contract counterparty can claim against the debtor. Chapter 11 follows the same priority scheme as other bankruptcy chapters. The priority structure is defined primarily by § 507 of the Bankruptcy Code ( 11 U.S.C.   § 507 ). As a general rule, administrative expenses (the actual, necessary expenses of preserving the bankruptcy estate, including expenses such as employee wages, and

4158-527: The death date to file a notice of termination. Sole proprietors must register with the Royal Malaysian Customs Department to charge and collect goods and services tax (GST) once their taxable turnover within a 12 month-period exceeds RM500,000. Similar to other Common Law jurisdiction, proprietors may enter into contracts of employment and/or apprenticeship with their employees. Sole proprietors, as employers are responsible to: In 2016,

4235-597: The debtor and its creditors (sometimes called a pre-packaged bankruptcy ) may facilitate the desired result. A company undergoing Chapter 11 reorganization is effectively operating under the "protection" of the court until it emerges. An example is the airline industry in the United States; in 2006 over half the industry's seating capacity was on airlines that were in Chapter 11. These airlines were able to stop making debt payments, break their previously agreed upon labor union contracts, freeing up cash to expand routes or weather

4312-413: The debtor's business or personal assets and debts, but can also be used as a mechanism for liquidation. Debtors may "emerge" from a chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy. The Bankruptcy Code accomplishes this objective through the use of a bankruptcy plan. The debtor in possession typically has the first opportunity to propose

4389-410: The debtor: reorganization, conversion to Chapter 7 bankruptcy, or dismissal. In order for a Chapter 11 debtor to reorganize, the debtor must file (and the court must confirm) a plan of reorganization. In effect, the plan is a compromise between the major stakeholders in the case, including the debtor and its creditors. Most Chapter 11 cases aim to confirm a plan, but that may not always be possible. If

4466-458: The end of December 2011. In 1958, after a dispute with his brother over the clothing store they had inherited from their father, then Seymour Merns left to open a rival men's clothing store on Cortlandt Street in New York City's Financial District . The store, which was initially named Sy Merns, competed directly with his family's original store on Vesey Street. However, he was forced to shorten

4543-477: The family business in 1978 as director of marketing and real estate. In 1983, when SYMS Corp went public, she was named president and a year later, added the role of chief operating officer . In 1998, she was named chief executive officer , and in 2009, she led the company through the purchase of Filene's Basement . She also steered the company through the closing and liquidation process, and eventual transition to new management (Trinity Place Holdings, Inc.). Since

4620-423: The features present in all, or most, bankruptcy proceedings in the United States. It provides additional tools for debtors as well. Most importantly, 11 U.S.C.   § 1108 empowers the trustee to operate the debtor's business. In Chapter 11, unless a separate trustee is appointed for cause, the debtor, as debtor in possession, acts as trustee of the business. Chapter 11 affords the debtor in possession

4697-459: The founding of a sole proprietorship and once selected, should be protected. In the event of a determined brand name being legalized, information regarding trademark protection is available from the U.S. Patent and Trademark Office . For the sole proprietor, there are a variety of options in obtaining financial support for their business, including loan facilities available from the U.S. Small Business Administration . The loans are not originated by

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4774-434: The judge approves the reorganization plan and the creditors all "agree", then the plan can be confirmed. §1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to "confirming" or "approving" the plan and making it binding on all parties in the case. Most importantly, the bankruptcy court must find the plan (a) complies with applicable law, and (b) has been proposed in good faith. Furthermore,

4851-407: The judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. Section 1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to confirming or approving the plan and making it binding on all parties in the case, most notably that the plan complies with applicable law and was proposed in good faith. The court must also find that

4928-614: The local authorities (e.g. municipal councils or district offices), while in Kuching, sole proprietors are registered with the Kuching Office of the Malaysian Inland Revenue Board. Sole proprietors, which includes the self-employed, must register with the relevant authority within thirty days from the commencement of their business. Sole proprietors may register their business using one of two names: their legal name following

5005-404: The next lower priority level may receive payment. Section 1110 ( 11 U.S.C.   § 1110 ) generally provides a secured party with an interest in an aircraft the ability to take possession of the equipment within 60 days after a bankruptcy filing unless the airline cures all defaults. More specifically, the right of the lender to take possession of the secured equipment is not hampered by

5082-402: The process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. When a business is unable to service its debt or pay its creditors , the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7,

5159-599: The profits. Unlike many other business entities, the sole proprietorship lacks a clear distinction between personal and business income. The business owner is personally liable for income tax and National Insurance contributions due on the business profits in each tax year. They are also personally liable for any debts the business incurs. Business analysts may advise sole traders to form a limited company in order to access greater levels of financing, for example for expansion plans. This can limit their personal liability, and business lenders may be more inclined to co-operate with

5236-421: The proposed plan. With some exceptions, the plan may be proposed by any party in interest. Interested creditors then vote for a plan. If the judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. If at least one class of creditors objects and votes against the plan, it may nonetheless be confirmed if the requirements of cramdown are met. In order to be confirmed over

5313-427: The registrant's identity card or a trade name. Registration of a business lasts for either one or two years, and must be renewed thirty days before its expiry. In the event of termination of business, the proprietor has thirty days from the termination date to file the notice with the relevant authority. If the termination is caused by the death of the proprietor, the administrators of the estate have four months from

5390-545: The reorganization plan is feasible in that, unless the plan provides otherwise, the plan is not likely to be followed by further reorganization or liquidation. In a Chapter 11 bankruptcy, the debtor corporation is typically recapitalized so that it emerges from bankruptcy with more equity and less debt, a process through which some of the debtor corporation's debts may be discharged. Determinations as to which debts are discharged, and how equity and other entitlements are distributed to various groups of investors, are often based on

5467-416: The selection of a name that is fictitious, or assumed . In many countries, the business owner is required to register with the appropriate local authorities , who will determine that the name submitted is not duplicated by another business entity . The owner may hire employees and enlist the services of independent consultants . Although an employee or consultant may be requested by the owner to complete

5544-485: The sole proprietor (single owner) stipulation is made by the Internal Revenue Service (IRS) permitting the spouse of a sole proprietor to work for the business. They are not classified as partners in the enterprise, or an independent contractor , enabling the business to retain its sole proprietorship status and not be required to submit a partnership income tax return. If an individual elects to incorporate as

5621-585: The space of 2 years (2002–2004) US Airways filed for bankruptcy twice leaving the AFL–CIO , pilot unions and other airline employees claiming the rules of Chapter 11 have helped turn the United States into a corporatocracy . The trustee or debtor-in-possession is given the right, under § 365 of the Bankruptcy Code, subject to court approval, to assume or reject executory contracts and unexpired leases. The trustee or debtor-in-possession must assume or reject an executory contract in its entirety, unless some portion of it

5698-450: The store's name to SYMS after legal action was taken against him by his brother. Merns later had his name legally changed to Sy Syms to match the store. The company slowly expanded during the 1960s and 1970s. The company aired its first television commercial in 1974. In the commercial, SYMS debuted the company's slogan, "An educated consumer is our best customer." The slogan was used by SYMS until its close in 2011. By 1983, Syms had taken

5775-491: The study stated, are currently faster, less expensive, and more private, with some states not even requiring court filings. However, a 2005 study claimed the drop may have been due to an increase in the incorrect classification of many bankruptcies as "consumer cases" rather than "business cases". Cases involving more than US$ 50 million in assets are almost always handled in federal bankruptcy court, and not in bankruptcy-like state proceeding. The largest bankruptcy in history

5852-521: Was born Seymour Merinsky, was a former sports broadcaster and regularly appeared in the company's television and radio commercials. He is also credited with coining the company's slogan, "An Educated Consumer is our Best Customer". Syms was founder of the company and remained chairman of the board until his death in November 2009. His daughter, Marcy Syms, succeeded him as chair in January 2010. Marcy Syms joined

5929-445: Was of the US investment bank Lehman Brothers Holdings Inc., which listed $ 639 billion in assets as of its Chapter 11 filing in 2008. The 16 largest corporate bankruptcies as of December 13, 2011 Enron, Lehman Brothers, MF Global and Refco have all ceased operations while others were acquired by other buyers or emerged as a new company with a similar name. ‡ The Enron assets were taken from

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