NEW YORK--(BUSINESS WIRE)--Syms Corp. (OTC: SYMSQ) today announced it has successfully completed its financial restructuring and has emerged from Chapter 11 as Trinity Place Holdings Inc. (OTC: TPHS). The emergence completes a 10 month bankruptcy process in which Syms and its subsidiaries, including Filene’s Basement, LLC, closed their retail stores, liquidated their inventories and redeemed all shares of company stock owned by Marcy Syms and her related trusts. Trinity Place Holdings will seek to maximize the value of its commercial real estate and the intellectual property owned by Filene’s Basement for the benefit of all stakeholders under the company’s plan of reorganization.
“Today marks the launch of an entirely new company with attractive real estate and intellectual property assets,” said Lauren Krueger, the new chief executive officer of Trinity Place Holdings and managing member of Esopus Creek Advisors LLC. “We expect that the company will satisfy the negotiated payments to creditors in accordance with the terms of the plan of reorganization. We are excited about the ability to create value for shareholders. Most of the funds necessary to emerge from bankruptcy were raised through the sale of $25 million of new shares of common stock, reflecting the shareholders’ strong belief in the future equity value of the company.”
The company’s current business plan includes the monetization of 16 commercial real estate properties and the development of 28-42 Trinity Place in Lower Manhattan. The company also plans to explore the licensing of its intellectual property, including its rights to the Filene’s Basement trademark, the Stanley Blacker and Maine Bay brands, the intellectual property associated with the well-known Running of the Brides event, and An Educated Consumer is Our Best Customer slogan.
The 16 commercial real estate properties include:
- 4400 Forest Hill Blvd., West Palm Beach, FL
- 1340 Swedesford Rd., Berwyn, PA
- 4615 NW 77th Ave., Miami, FL (sold)
- 21700 Telegraph Rd., Southfield, MI
- 5775 Jimmy Carter Blvd., Norcross, GA
- 10770 Westheimer, Houston, TX
- 652 Commerce Dr., Fairfield, CT
- 1803 Roswell Rd., Marietta, GA
- 280 West North Ave., Addison, IL
- 1865 East Marlton Pike, Cherry Hill, NJ
- 8075 Sheridan Dr., Williamsville, NY
- 5300 Powerline, Ft. Lauderdale, FL
- 1 Syms Way, Secaucus, NJ
- 695 Merrick Ave., Westbury, NY
- 330 Route 17 North, Paramus, NJ
- 295 Tarrytown Rd., Elmsford, NY
As part of its emergence from Chapter 11, Trinity Place Holdings has reincorporated in Delaware. It is expected that the common stock of the company will continue to be quoted over-the-counter, but that the ticker symbol will change to TPHS.
The $25 million offering of new stock was backstopped by DS Advisors LLC, Esopus Creek Value Series Fund LP-Series A and Marcato Capital Management LLC. The Board of Directors of Trinity Place Holdings consists of Alan Cohen, Mark Ettenger, Andrew L. Sole, and Marina Shevyrtalova. Alvarez & Marsal is providing certain interim management services to the new company and Munger, Tolles & Olson LLP is acting as its legal counsel.
About Trinity Place Holdings
Trinity Place Holdings owns commercial real estate in nine states and a variety of intellectual property assets focused on the consumer sector.
Forward Looking Statements
Certain statements contained in this press release are “forward-looking” statements involving risks and uncertainties that may cause actual future events or results to differ materially from those described in the forward-looking statements. Words such as “expects,” “intends,” “anticipates,” “should,” “believes,” “will,” “plans,” “estimates,” “may,” variations of such words and similar expressions, are intended to identify such forward-looking statements. The company disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise. Additional information concerning factors that could cause actual future events and results to differ materially from those described in the forward-looking statements is contained from time to time in documents filed by the company with the Securities and Exchange Commission.