Sanford C. Sigoloff

Sanford C. Sigoloff (September 8, 1930 – February 19, 2011) was an American businessman and philanthropist. He became known as "Mr. Chapter 11" for his rescuing of a number of companies from bankruptcy, in the course of which he pioneered an investor-friendly "slash-and-burn strategy" at the expense of employees. He supported charitable causes and the UCLA Anderson School of Management, where is the namesake of an endowed chair.

Sanford C. Sigoloff
BornSeptember 8, 1930
St. Louis, Missouri, U.S.
DiedFebruary 19, 2011
Los Angeles, California, U.S.
EducationBeverly Hills High School
Alma materUniversity of California, Los Angeles
OccupationBusinessman, philanthropist
Spouse(s)Betty Sigoloff
Children2 sons, 1 daughter

Early life

Sanford C. Sigoloff was born on September 8, 1930 in St. Louis, Missouri.[1][2][3] His father served as a physician in the United States Army during World War II.[1]

Sigoloff was educated at the Beverly Hills High School in Beverly Hills, California.[2] He graduated from the University of California, Los Angeles (UCLA), where he earned a bachelor of science in physics and biology in 1951.[2][4]

Career

Sigoloff began his career by working for the United States Atomic Energy Commission.[1] During the Korean War, he worked as a researcher for the United States Air Force.[1] From 1963 to 1969, he worked for the Electro-Optical Systems, later known as Xerox, in Pasadena, California.[1]

Sigoloff rescued Republic Corp. and Daylin Inc. from bankruptcy in the 1970s.[2] In the course of his restructuring of Daylin, he fired many employees, including Arthur Blank and Bernard Marcus, who went on to found The Home Depot.[5]

In 1985, Sigoloff took over as the chief executive of the Wickes Corporation, the parent company of retailers Builder's Emporium, Wickes Furniture, Red Owl Supermarkets and Snyder Drug Stores, when the company was facing bankruptcy.[2][1][4] In this capacity, he appeared in commercials on national television, as a spokesman for Wickes' Builders Emporium.[4] He also led the $1 billion acquisition of Gulf and Western Industries.[4] Once again, Sigoloff rescued the company.[2]

However, when Sigoloff tried to rescue LJ Hooker, it proved impossible.[1] Nevertheless, Sigoloff became known as "Mr. Chapter 11."[2]

Philanthropy

Sigoloff made charitable contributions to the Cedars-Sinai Medical Center, the City of Hope National Medical Center, the Center Theatre Group, the American Jewish Committee, and the United States Holocaust Memorial Museum.[2]

Sigoloff served on the board of visitors of the UCLA Anderson School of Management from 1984 to 2002.[6] He is the namesake of the Sanford and Betty Sigoloff Chair in Corporate Renewal, held by Professor William G. Ouchi.[7]

Personal life and death

Sigoloff married his wife, Betty, in 1952.[2] They had two sons, John and Stephen, and a daughter, Laurie.[1] They resided in Brentwood, Los Angeles. He collected Porsches.[2]

Sigoloff died of pneumonia on February 19, 2011.[3] He had suffered from Alzheimer's disease.[1][2] His funeral was held at the Wilshire Boulevard Temple.[2]

On his death, Professor Edward Altman of the New York University Stern School of Business said Kirstein "was considered one of the pioneers of the slash-and-burn strategy that resonated with creditors," but he added that "it was controversial because people felt that there was too much carnage in terms of quick dismissals."[3]

gollark: Just live-patch your code in memory to fix it.
gollark: Mostly, you just need to use a bunch of intermediate instances to receive, reduce and filter everything.
gollark: I mean, it's not like *all* the subjects died.
gollark: You *can*, but loading all the information - much of it conflicting - into your brain *has* been known to lead to a few moderately problematic side effects.
gollark: Now, while modern mindstate execution is fully deterministic, people aren't perfect judges of the "best" thing and there's some noise, so you probably want to use comparison counting sort or something.

References
  1. Walsh, Mary Williams (February 24, 2011). "Sanford C. Sigoloff, Corporate Turnaround Expert, Dies at 80". The New York Times. Retrieved March 16, 2017.
  2. Chang, Andrea; Hennigan, W.J. (February 23, 2011). "Sanford C. Sigoloff dies at 80; corporate turnaround expert". The Los Angeles Times. Retrieved March 16, 2017.
  3. Miller, Stephen (February 25, 2011). "He Wielded Ax in Bankruptcies". The Wall Street Journal. Retrieved March 16, 2017.
  4. Yoshihara, Nancy (August 18, 1985). "Sandy Sigoloff: Private Man in the Limelight : Wickes Saved, He Focuses on Growth". The Los Angeles Times. Retrieved March 18, 2017.
  5. Donkin, Richard (March 1, 2007). "How executives go from hero to zero and back". Financial Times. Retrieved March 18, 2017.
  6. "Sanford Sigoloff Dies at Age 80". UCLA Anderson School of Management. UCLA. February 22, 2011. Retrieved March 18, 2017.
  7. "William G. Ouchi". UCLA Anderson School of Management. UCLA. Retrieved March 18, 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.