Nation’s largest mattress retailer closing 700 stores in bankruptcy
Mattress Firm’s initial round of closures will include at least one store in Indianapolis and two others elsewhere in Indiana.
Bankruptcy
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ITT Educational’s CEO, directors scoff at $250M lawsuit
Attorneys for the defendants have asked the court to discuss the case, arguing it falls far short of the standards needed to warrant a full-blown trial.
Fair Finance trustee tries for legal jackpot one last time
Without a big settlement, or a resounding victory at trial, victims in the fraud would be left with an underwhelming recovery—currently 11 cents on the dollar, based on distributions of $18 million in December 2015 and $5 million last October.
Brookstone files for bankruptcy, to close all mall stores
Among the closures will be the store in Circle Centre in downtown Indianapolis—an original tenant in the mall when it opened in 1995. The only other Brookstone store in Indiana is at Indianapolis International Airport.
Former ITT Educational execs to pay $300,000 to settle SEC lawsuit
The deals with former ITT CEO Kevin Modany and Chief Financial Officer Kevin Fitzpatrick were reached days before trial and include more than financial settlements.
Creditors prepping lawsuit against HHGregg officers and directors
A Delaware law firm is spearheading the case on a contingency-fee basis. Under the sliding scale, it would get 20 percent of a recovery up to $10 million, and 35 percent of a recovery topping $20 million.
Indiana’s director protections complicate ITT lawsuit
A lawsuit filed by ITT Educational Services’ bankruptcy trustee seeks $250 million from the firm’s former CEO and board members, whom she alleges were disengaged as the business melted down.
Stuart Mortuary files for Chapter 11 bankruptcy protection
The 70-year-old business, an institution in the local African-American community, is seeking reorganization after accumulating hundreds of thousands of dollars worth of tax and business debts.
Wind-down of Marsh Supermarkets paints ugly financial picture
Tens of millions of unsecured claims will go unpaid when the Indianapolis-based grocery chain completes its liquidation in bankruptcy court.
Radio giant iHeartMedia files for bankruptcy
The San Antonio-based company is the second major radio player in the Indianapolis market to seek bankruptcy protection in recent months. In November, Atlanta-based Cumulus Media filed for Chapter 11.
Claire’s on verge of bankruptcy, with creditors taking over
Claire’s Stores Inc., the fashion accessories chain where legions of preteens got their ears pierced, is preparing to file for bankruptcy in the coming weeks, according to people with knowledge of the plans.
Toys ‘R’ Us preparing to liquidate U.S. operations, sources say
Toys “R” Us Inc., which has three Indianapolis-area stores, is expected to liquidate its bankrupt U.S. operations after so far failing to find a buyer or reach a debt restructuring deal with lenders, according to people familiar with the matter.
iHeart Media on verge of filing bankruptcy
The San Antonio-based company would be the second major radio station owner in the Indianapolis market to file for Chapter 11 in recent months. Atlanta-based Cumulus Media filed in November.
Carson’s parent ponders bankruptcy as part of restructuring
The comeback strategy for Bon-Ton Stores includes closing a dozen Carson’s stores, although Bon-Ton hasn’t specified locations. The only Carson’s in Indianapolis is the lone anchor for Circle Centre mall.
Downtown microbrewery files for Chapter 11 to avoid eviction
Tow Yard Brewing made the move to reorganize its assets before its current lease ends and the owner of the building seeks another tenant for the space.
Two local stores on Toys ‘R’ Us bankruptcy closure list
The world’s largest toy chain is planning to close about 180 Toys “R” Us and Babies “R” Us stores nationally as part of a reorganization plan to emerge from its September bankruptcy, according to a court filing.
Andretti Autosport sued over sponsorship money from HHGregg
A group representing the unsecured creditors of HHGregg has filed suit against Andretti Autosport in an attempt to claw back nearly $1.5 million in sponsorship money the now-defunct retailer paid the racing team in the months leading up to its bankruptcy.
LDI to lose ownership of motorsports firm that’s filed for bankruptcy
In a deal called “one of the most important” stories in the motorcycle industry this year, a company controlled by Indianapolis-based business-holding firm LDI Ltd. has filed for Chapter 11 bankruptcy after racking up about $440 million in debt.
Toys ‘R’ Us files for Chapter 11 bankruptcy
The company filed Chapter 11 documents late Monday in U.S. Bankruptcy Court in Richmond, Virginia. The chain secured $3 billion in debtor-in-possession financing to stay open while it restructures, according to a company statement.
Bus consultant leads school districts into ditch
At least three Indiana school districts that hired the startup firm True Consultant Service LLC to revamp bus routes ran into major problems when school began this summer, forcing administrators to apologize to parents and reverse course.