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 he is the namesake of an endowed chair.

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

Career Sigoloff began his career by working for the United States Atomic Energy Commission. He was promoted to president and chief operating officer in December 1970 and elected chief executive officer succeeding Gerald B. Block.

In the course of his restructuring of Daylin, Sigoloff's sought to fire more than half of Daylin's 16,000 employees, including Arthur Blank and Bernard Marcus, who went on to found The Home Depot.

In March 1982, Sigoloff took over as the chief executive of the Wickes Companies, the parent company of retailers Builders Emporium, Wickes Furniture, Red Owl Supermarkets and Snyder Drug Stores, when the company was facing bankruptcy. He is the namesake of the Sanford and Betty Sigoloff Chair in Corporate Renewal, held by Professor William G. Ouchi.

Personal life and death Sigoloff married his wife, Betty, in 1952. They had two sons, John and Stephen, and a daughter, Laurie. They resided in Brentwood, Los Angeles. He collected Porsches.

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

On his death, Professor Edward Altman of the New York University Stern School of Business said Sigoloff "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."