J.C. Penney to close more stores as sales deteriorate
The retailer’s profit tumbled nearly 70 percent and revenue slid 8 percent in the fourth quarter, the most crucial period of the year for retailers who bank on a surge in holiday sales.
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$50M HHGregg suit attacks insiders for accepting customer deposits to very end
The suit charges that accepting the deposits at a time HHGregg’s tailspin cast doubt on its ability to provide the merchandise saddled the company “with tens of millions of dollars in unwarranted and unnecessary liabilities and recklessly caused the permanent destruction of the company’s value as a going concern.”
Existing-home sales in central Indiana fall for second straight month
One encouraging sign for future months was pending home sales, which rose 17.1 percent in January.
Victoria’s Secret to close 53 stores after poor Christmas performance
Columbus, Ohio-based owner L Brands Inc. operates 957 Victoria’s Secret shops in the United States, including eight mall stores in the Indianapolis area.
Upgrades by city, Indiana Repertory Theatre boost future of iconic building
The Indiana Theatre building, which opened in 1927 as a movie palace topped with a ballroom, had been in need of TLC for years.
Shiel Sexton taps new president
Kevin Hunt, 50, is assuming the presidency from Mike Dilts, 63, who remains CEO and chairman.
Flaherty & Collins plans $170M Michigan project
The project in suburban Detroit will include 500 apartments, a 200-room hotel, 20,000 square feet of retail and dining space, and a 30,000-square-foot grocery.
Three from Indianapolis named James Beard semifinalists
A restaurateur and two chefs from Indianapolis were among those named Wednesday as semifinalists for the James Beard Awards—often referred to as the Oscars of the restaurant industry.
Developer plans $30M apartment project at former college site downtown
Milhaus’ 175-unit project, dubbed The Grid, will also include a 180-space parking garage and an enclosed outdoor courtyard with kitchen and lounge areas.
Kraft Heinz hit with federal probe, huge quarterly loss as consumers flee brands
The food manufacturer says it will slash the value of its Oscar Mayer and Kraft brands by $15.4 billion, an acknowledgment that changing consumer tastes have destroyed the value of some of the company’s most iconic products.
City sports, tourism board could reap extra $15M annually under amended bill
A change made to legislation designed to boost funding for the Capital Improvement Board means the quasi-governmental agency could see an additional $15 million in tax funds annually—nearly double what was initially proposed.
Rebar Indy to relaunch in downtown location under new ownership
Formerly of Mile Square Bistro and The Vanguard, chef Charles Mereday plans to debut his revised version of the upscale burger and beer joint as soon as this weekend.
U.S. home sales slip in January to worst pace in 3-plus years
Would-be homebuyers are increasingly priced out of the market as years of climbing prices and strained inventories have made ownership too costly.
East 10th Street pursues status as arts district; some neighbors brace for change
A new, $4.3 million Lilly Endowment grant is poised to spark the transformation of a one-mile stretch of East 10th Street into a hotbed for the arts.
Kite Realty to unload up to $500M in properties
The Indianapolis-based retail real estate firm hopes to pay down debt, improve the quality of its assets and focus on preferred markets. Its shares fell on Wednesday after it revealed the plan and underwhelming quarterly results.
Supreme Court won’t hear appeal from Indiana residents on lakefront property rights
Two residents with a home on Lake Michigan contended lakefront landowners should have the right to limit who uses the beaches abutting their properties.
Marketing tech firm moves HQ from Arizona to Indy
Lev—formerly Levementum—has a close relationship with Salesforce, which maintains its marketing cloud unit in Indianapolis. Lev established offices here in 2016 and plans to add 70 employees this year.
Columbia Club launches $3M campaign for interior, rooftop revamp
The private club has been ensconced in its current home on Monument Circle since 1925. The high-end upgrades to its interior and amenities, including a wine vault and co-working space, are aimed in part at attracting new—and younger—members.
Fishers firm buys Joe’s Crab Shack site in Clearwater with plans for new HQ
A real estate developer has purchased the former site of the seafood eatery and applied for a property tax break from the city of Indianapolis on its planned $1.6 million renovation.
Year gets off to slower start for Indianapolis-area homebuilders
A slowdown in home construction that began in central Indiana in late 2018 continued into the new year.