Spirit Airlines files for bankruptcy as financial losses pile up
The airline has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion in 2025 and 2026.
Bankruptcy
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Buca di Beppo files for bankruptcy, closes Indianapolis restaurant
Italian restaurant chain Buca di Beppo filed for Chapter 11 bankruptcy on Monday, days after closing 13 underperforming eateries nationally, including one of its three local locations.
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UPDATE: Express files for bankruptcy, announces store closures, possible sale
A consortium that includes Indianapolis-based Simon Property Group has offered a non-binding letter of intent to potentially purchase the majority of its stores and operations. Four Indiana stores are slated for closure, according to bankruptcy papers.
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Battery maker EnerDel files for Chapter 7 bankruptcy
The company’s bankruptcy filing comes less than a month after it shut down its Andersen plant in a decision that blindsided employees.
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Fishers-based tech firm Netfor files for bankruptcy
Netfor’s CEO said an ill-timed investment in office space created financial problems for the company, but that he expects “no impact” to employees and clients as Netfor works to restructure its finances.
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Articles
American Freight Appliances and Furniture closing all stores in Indianapolis
The owner of the retail chain, which operates stores throughout Indianapolis and Indiana, has agreed to close all stores nationwide as part of a Chapter 11 bankruptcy agreement.
Court approves Tupperware’s sale to lenders, paving way for brand’s exit from bankruptcy
Going forward, customers in “global core markets” will still be able to purchase Tupperware products online and through the brand’s decades-old network of independent sales consultants.
Indiana-based Do It Best inks agreement to acquire True Value assets
Chicago-based True Value, which has hardware stores throughout Indiana, on Monday began voluntary Chapter 11 bankruptcy proceedings, with the goal of selling its business operations to Do It Best Corp.
Iconic Tupperware Brands seeks Chapter 11 bankruptcy
In Tuesday’s bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Shares for the company have fallen 75% this year and closed Tuesday at about 50 cents apiece.
Big Lots files for bankruptcy protection, plans to sell assets to Nexus Capital
Big Lots said it does plan to close some stores, but didn’t specify how many or what locations would be affected. At the end of 2023, Big Lots operated nearly 1,400 stores in 48 states.
Bankrupt LL Flooring finds buyer, plans to keep 200-plus stores open
The flooring retailer formerly known as Lumber Liquidators signed an agreement with private equity firm F9 Investments and now plans to keep some of its stores open instead of completely ending operations.
Red Lobster says it will soon exit bankruptcy protection after judge approves seafood chain’s sale
A U.S. bankruptcy judge on Thursday approved the casual seafood chain’s reorganization plan, which includes a lender group led by asset manager Fortress acquiring the business.
Fisker becomes second electric vehicle maker to file for bankruptcy in past year
EV sales have slowed as manufacturers have attempted to push electric vehicles into the mainstream.
Bankruptcy filings rise as consumers struggle with credit card debt, more
In the U.S. Bankruptcy Court for the Southern District of Indiana, April numbers for all bankruptcy cases—including Chapters 7, 11 and 13—were up 19.9% compared to the same time last year.
Red Lobster files for Chapter 11 bankruptcy protection
After closing dozens of restaurants, including one in Indianapolis, the seafood chain has agreed to sell itself to its lenders―giving it a $100 million financing commitment to keep it afloat.
Retailer Joann files for Chapter 11 bankruptcy protection
The fabrics and crafts retailer, which has five Indianapolis-area stores, will become privately owned after emerging from Chapter 11 bankruptcy protection.
Indianapolis-based canned cocktail maker in financial distress, facing forced bankruptcy
The CEO of Blue Marble says the company is about $22 million in debt and considering its options after three of its creditors moved last month to force it into bankruptcy.
OxyContin maker’s bankruptcy deal hits Supreme Court, with billions at stake
The agreement hammered out with state and local governments and victims would provide billions of dollars to combat the opioid epidemic. The decision also has implications for other major product liability lawsuits settled through the bankruptcy system.
2023 was bad for startups, with bankruptcies, lower valuations
It’s been a brutal year for startups, with more companies struggling to raise money and hundreds shutting down altogether, according to new data.
WeWork seeks bankruptcy in stunning fall for firm once valued at nearly $50B
The office-sharing company once seen as a Wall Street darling had promised to upend the way people went to work around the world, but is now seeking Chapter 11 protection.
Indoor farming players struggling to find profitability
Some businesses in the industry are continuing to bet big even as rivals such as AppHarvest wobble and fail.
Physician-staffing service files for bankruptcy reorganization
The company, which provides doctors to rural hospitals to staff their emergency rooms and other critical areas, listed liabilities of $18.5 million and assets of just $19,701.
Party City cleared to exit bankruptcy, avoiding fate of retail peers
As part of the Chapter 11 process, the retailer—which has a half-dozen area stores—closed more than 60 stores across the country, but was able to keep the vast majority of its more than 700 stores open.
Home goods retail chain with Indy-area store to begin liquidation
Christmas Tree Shops Inc. is expected to close all 82 of its stores after failing to save itself through bankruptcy.