Key HHGregg executives could pocket $675,000 in incentive bonuses
Executives eligible for the additional pay, if certain benchmarks are hit through the company’s bankruptcy, include Kevin J. Kovacs, HHGregg’s chief financial officer and acting CEO.
Bankruptcy
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ITT trustee blasts firm’s former directors, seeks $50M
The trustee charges that Sam Odle and fellow outside directors should have ousted CEO Kevin Modany—a move that likely would have been well-received by the U.S. Department of Education and ITT’s accrediting agency.
Indiana bankruptcy filings take downward turn
Bankruptcy filings in Indiana slipped slightly in 2016 while average monthly income inched higher, mirroring a national trend highlighted in an annual report.
Right to use HHGregg’s name and other intellectual property fetches just $400,000
A small, little-known company purchased at auction the company’s intellectual property rights, besting a bid by a large retailer with a household name.
Jeans retailer with local mall store files for bankruptcy
Retailer True Religion Brand Jeans filed for Chapter 11 bankruptcy protection Wednesday and requested permission from the federal bankruptcy judge to close 27 of its 140 stores.
Streamlined Republic Airways revamping after bankruptcy
The airline, which emerged from bankruptcy as a privately held company on April 30, said it’s strongly positioned to tackle the ongoing pilot shortage.
CVS, owners of Lockerbie Marketplace object to Marsh store-sale plan
CVS wants to prevent buyers from operating pharmacies. Lockerbie Marketplace's owners say Fresh Encounter has failed to demonstrate it has the financial wherewithal to "fully perform" under the Marsh lease it wants to take over in that shopping center.
National children’s retailer with nine area stores files for bankruptcy
Gymboree, which is struggling under an enormous load of debt, said it would have to close up to a third of its 1,300 stores nationwide.
‘Numerous bidders’ pursue Marsh stores, likely setting stage for auction
The Fishers-based company would not provide details on the offers, which it is evaluating with creditors. The fate of its 44 remaining stores likely will be determined next week.
UPDATE: Marsh reports ‘numerous bidders’ for remaining stores
Fishers-based Marsh Supermarkets has received offers for at least some of its remaining 44 stores “from numerous bidders,” the company said Wednesday evening, less than two hours after the bid deadline set by bankruptcy court.
Key deadline in Marsh sale passes without suitor surfacing
The deadline was Monday for the company to identify a so-called stalking horse bidder, which would make an initial offer for the grocer's assets that any other suitor would have to beat. Bidders for the business still could emerge, but time is running out.
Landlord’s Marsh bet leaves trail of foreclosures
Landlords across Indiana are feeling the pain from the collapse of Marsh Supermarkets, but none more so than a Canadian firm that had as many as 12 of the grocer’s stores in its portfolio.
Experts: Marsh purchase doomed from start
In 2006, when Sun Capital Partners bought Marsh Supermarkets, the bet looked risky at best.
Marsh likely will need federal bailout for $76M pension shortfall
A federal agency likely will step in and pick up the unfunded-pension tab once Marsh Supermarkets exits Chapter 11 bankruptcy. That's not an unusual situation for companies that have been owned by private equity firm Sun Capital Partners.
Marsh bankruptcy documents show Sun Capital no longer in control
Sun Capital Partners has relinquished controlling ownership of Marsh Supermarkets to a limited liability company that plans to sell the assets of remaining stores at auction a month from now, bankruptcy papers show.
Judge OKs Republic Airways bankruptcy-reorganization plan
The approval clears the way for the Indianapolis-based airline to emerge from Chapter 11 as a privately held company by the end of the month.
Missteps, market shifts bury once-thriving HHGregg
The 62-year-old company is joining the trash heap of failed appliance and electronics retailers, done in by a long list of problems—including overexpansion and a collapse in sales of consumer electronics.
HHGregg shutting down after 62 years in business
An email from the Indianapolis-based company to employees on Friday afternoon said efforts to find a buyer that would keep the business running failed and that liquidation sales will start Saturday.
Judge’s ruling ends civil suit against former Irwin Union bank officers
An Indianapolis judge has ruled in favor of three former Irwin Union Bank & Trust Co. executives, closing the book on a civil suit that the bank’s bankruptcy trustee originally filed in 2011.
Bankrupt HHGregg plans to liquidate if no buyer found in next week
The Indianapolis-based retailer, which has filed for Chapter 11 bankruptcy protection, has filed a plan with the court to close its 132 stores and sell off its remaining merchandise if it can’t find a buyer by April 7.