Indianapolis Business Journal

Steak n Shake has been a mainstay in Indianapolis and the Midwest for many decades, but recent results at the burger chain are not encouraging. It’s operating at a loss and customer traffic counts are in a tailspin. Greg Andrews examines the signs that Steak n Shake is slipping into dangerous territory. Also in this week’s issue, Mickey Shuey investigates NBC’s plans for broadcasting the Indy 500 in its first year televising the IndyCar Series. And Lindsey Erdody examines why state legislators decided not to fund the groundbreaking Regional Cities Initiative, despite encouraging results from its first few years.

Lindsey Erdody explains all of the ways gambling could change in Indiana after a seismic legislative session, including how you could bet on sports. Also in this week’s issue, Samm Quinn details the latest battle in Zionsville over proposed development downtown. This $40 million project is inspiring familiar opposition from a lot of the same folks who have fought previous proposals. But this one might have more momentum than the rest. And Anthony Schoettle reports that many companies are experiencing sticker shock from subscription software.

Some of the city’s biggest hoteliers are opposed to development of two Hiltons with more than 1,400 rooms on Pan Am Plaza, saying it would create a glut of lodging in the market. Greg Andrews reports that city officials say they are still committed to working toward a deal with the developer. Also in this week’s issue, Hayleigh Colombo reports that Champion drag racer Larry Dixon of Avon has filed a federal antitrust lawsuit against the National Hot Rod Association, alleging the California-based organization—which owns Lucas Oil Raceway in Brownsburg—wrongfully suspended and blacklisted him in 2017. And John Russell explains how Eli Lilly and Co. is donating part of its sprawling campus downtown to the city for use as a public park.

In this week’s issue, Lindsey Erdody reveals that the city’s Capital Improvement Board, which owns downtown’s major sports and convention facilities, is facing a major crisis. If state lawmakers don’t approve legislation before them that will help pay for renovations to Bankers Life Fieldhouse, the CIB is headed for insolvency. Even if two key bills are passed, the CIB still faces some very lean years. Also in this week’s issue, John Russell explains how Eli Lilly and Co. is pushing hard and spending large sums to become a major player in the cancer drug business. And Susan Orr checks out the new Needler’s Fresh Market grocery downtown, which the firm is using as a prototype of sorts for future growth.

This week, Anthony Schoettle explores the possible repercussions of radio station owner Cumulus Media buying three more stations in the Indianapolis area, giving it six total and the reach to challenge locally based Emmis Communications. Samm Quinn examines complaints from residents of Fishers that the fast-growing city is growing too fast and losing its homespun charm—a train of thought that mayoral candidate Logan Day has decided to ride. And in Indianapolis, Republican mayoral candidate Jim Merritt is using potholes to attack Mayor Joe Hogsett as he tries to paint the incumbent as out of touch with everyday residents.

IndyGo says the electric buses it intends to use on the Red Line are falling short of expectations in an important way: Drivers have been unable to squeeze more than 256 miles out of a fully charged vehicle. Susan Orr reports on how IndyGo is dealing with the problem. Also in this issue, Lindsey Erdody reveals that the founder of FACE, a low-cost animal clinic in Indianapolis, is alleging the not-for-profit’s current leadership is misleading donors and mismanaging funds. And Anthony Schoettle explains how Bill Oesterle, a former CEO of Angie’s List and a confidant of Gov. Mitch Daniels, is using his new tech firm to persuade people with connections to the Hoosier state to move back.

Federal officials are docking 22 Indiana hospitals for high rates of patient infections and injuries. IBJ’s John Russell reports that the total penalties will reach $6 million. Also in this week’s issue, Mickey Shuey reports that the Indiana Pacers have racked up increases in ticket sales and TV ratings this year, overcoming fears that the loss of Victor Oladipo would deflate interest in the team. And Susan Orr checks in with the Sahm family of restaurateurs to get a handle on its new generation of eateries and leadership.

John Russell reveals what has become of the partnership between St. Vincent and Tandem Hospital Partners, which embarked in 2017 on an aggressive mission to develop tiny “neighborhood hospitals” around the Indianapolis area. Tandem essentially has fallen apart, leaving St. Vincent scrambling to take over operations the hospitals. Also in this week’s issue, Anthony Schoettle reports on the major milestone notched by fledgling Indianapolis-based software company Kerauno: It has landed a $25 million Series A round of venture capital, believed to be a record for Indiana software companies. And Greg Andrews explains how the head of Steak n Shake is planning to whip up a turnaround.

The Indy Eleven appears to face long odds in landing a Major League Soccer franchise, a requirement the team needs to meet under pending state legislation to get more than $100 million for a stadium. Anthony Schoettle reports on the obstacles in the team’s way. Also this week, Greg Andrews has a terrific piece about the final days of Indianapolis-based HHGregg Inc. and allegations that it continued to take customer deposits on merchandise long after executives had cause to doubt it could fulfill the orders. And Susan Orr reports that hundreds of current and former members of the military have filed lawsuits against an Indianapolis maker of earplugs that were supposed to protect them from explosive combat noise.

A global partnership with Japanese personal-computer maker Lenovo—to be rolled out Feb. 25—and $34.8 million in funding secured in October has Scale Computing poised for explosive growth. Anthony Schoettle explores what’s next, including the possibility of an initial public offering. Also in this week’s issue, Hayleigh Colombo explains how a $4.3 million Lilly Endowment grant could transform a one-mile stretch of East 10th Street into a hotbed for the arts. And Susan Orr profiles Kelly Birk, a trailblazer in the local financial planning market.

First up, Hayleigh Colombo takes a closer look at the city’s 50-year deal that turned over operation of its parking meters—not to mention the majority of the revenue--to a private consortium. Also in this issue, John Russell digs into the troubled finances of The Barrington, a 271-unit retirement community in Carmel whose owner has filed for bankruptcy and is deep underwater. And Susan Orr checks in with celebrated chef Greg Hardesty about his latest venture, Studio C.

IBJ's Forty Under 40 Class of 2019 is here! Entrepreneurs, doctors and government officials join executives from banking, manufacturing and not-for-profits on IBJ's annual list of central Indiana's rising stars. Also in this week’s issue, Hayleigh Colombo examines the tenure of Indiana University President Michael McRobbie, whose low-key style belies the dramatic transformation occurring under his watch. And Mickey Shuey check on the city progress in drafting a plan to transform the Castleton area.

The Indiana IoT Lab in Fishers—which is only about a year old—is just about out of space for new tenants. In this week's issue, Anthony Schoettle explores what has made the lab so busy. Plus, Lindsey Erdody explores how the government shutdown affected small businesses—and why the pain isn't over yet. Samm Quinn explains why Westfield is banking on advanced manufacturing (in addition to youth sports) as it looks to carve out a economic niche.

The number of homeless people who died in Indianapolis hit the highest point in 2018 since advocates started keeping records more than a decade ago. Hayleigh Colombo has broken new ground on this major public safety issue by investigating the causes of death. She also explores what can be done about the trend and why some seemingly obvious solutions are far from cure-alls. Also in this week’s issue, Anthony Schoettle details concerns that the rash of local acquisitions could be eroding Indianapolis’ tech ecosystem before it fully blossoms. And Lindsey Erdody marks the progress that Gov. Eric Holcomb has made on one of his top priorities—making sure the Hoosier workforce is adequately prepared to fill the skilled jobs companies need to grow.

Ersal Ozdemir, the owner of the Indy Eleven, has big plans for a stadium surrounded by housing, retail and office space—but where to put it? Mickey Shuey explores the most likely candidates around Indianapolis. Also in this week’s issue, Susan Orr reports that FullBeauty Brands, a retailer of plus-sized apparel with a deep history in Indianapolis, has a debt load of $1.3 billion and is about to declare bankruptcy. And Anthony Schoettle asks Daniel Jones—the son of famed tech entrepreneur Scott Jones—about his plans to take market share from Uber and Lyft with an unusual approach to ride-sharing.

In this week’s issue, Mickey Shuey reveals the sweeping changes proposed for Indiana’s meagerly funded state tourism bureau, in hopes of boosting the dollars available for marketing and attracting new visitors. Greg Andrews explains how James Burkhart, the former CEO of nursing home giant American Senior Communities, is trying to get his felony conviction for fraud thrown out while he serves a nearly 10-year prison sentence. And Lindsey Erdody has IBJ’s annual accounting of the biggest philanthropic gifts across the state. The big winner for 2018: sleepy Wabash College.