UPDATE: Pier 1 files for bankruptcy protection, to close 7 Indiana stores
The retailer, led by the former CEO of HHGregg, has been struggling with increased competition. It plans to close seven stores in Indiana.
Real Estate
Articles
IBJ Podcast: Here’s why a mega liquor store is trying to move to Indiana
IBJ reporter John Russell explains a U.S. Supreme Court ruling that could open the door to out-of-state liquor stores moving into Indiana—including Total Wine & More, a Maryland-based chain that has applied for a permit to open in a former Marsh store.
Real estate pros bullish on Diamond Chain site
The planned closing of the 102-year-old factory in the southwestern corner of downtown likely will throw into play a nearly 18-acre site that real estate experts say would be attractive for myriad uses.
Bottleworks’ Phase I could be 80% full when it opens
With its debut just months away, the 12-acre, $300 million Bottleworks District on the north end of Massachusetts Avenue has a majority of its Phase I office and entertainment space and nearly all of its food hall leased.
Alcohol colossus seeking Indiana permit after Supreme Court ruling opens door
Total Wine & More, the nation’s largest retailer of beer, wine and spirits, has applied to the Indiana Alcohol & Tobacco Commission to open a store in part of a former Marsh Supermarkets in Nora.
Memory Bank: Block’s budget store takes over Kresge building
S.S. Kresge Co.—then one of the nation’s largest retailers—built a 65,000-square-foot office building at the southwest corner of Pennsylvania and Washington streets in 1924.
Investors keep their distance from Simon stock
David Simon said Simon Property Group’s ability to buy a company for $3.6 billion in cash without having to turn to a third party for financing and without suffering credit rating downgrades is a testament to the underappreciated strengths of the business.
16 Tech launches international design competition for $14.5 million bridge
The bridge will be funded by the city of Indianapolis and Lilly Endowment Inc., which two years ago awarded 16 Tech a $38 million grant.
City, Indy Chamber launch financing program for minority-owned businesses
Funding for the program will help smaller businesses pay initial expenditures associated with bidding on contracts—supplies and payroll, for example—without having to put themselves at financial risk through high-interest borrowing.
Shake Shack to open Fishers restaurant, looking in downtown Indianapolis
With a restaurant already in the works at Indianapolis International Airport, Shake Shack also is paving the way for a Fishers location and is in the hunt for spot in downtown Indianapolis.
Bank alleges developer owes nearly $16M for project near airport
The suit, filed Tuesday in Marion Superior Court by Evansville-based Old National Bank, claims Paul Kite and his firm owe the bank $15.8 million.
Lilly Endowment to fund study of reconstruction options for inner loop
The $475,000 grant will fund a study of reconstruction options for the inner loop except for the north split, the first phase of the project, which has already begun. The Indy Chamber Foundation said the study will “inform implementation efforts” in the year 2030 and beyond.
Court upholds man’s ban from Marion County Family Dollar stores
A man ordered to stay away from all Family Dollar stores in Marion County after his robbery conviction could not convince the Indiana Court of Appeals that his probation order was overly broad.
Peapod to end grocery delivery in Indiana on Feb. 18
Ahold Delhaize USA, which owns the Peapod brand, said Tuesday that it is closing its Midwest division as part of a shift in strategy, in part to focus on its East Coast grocery stores.
Josh Owens left SupplyKick weeks before dropping out of governor’s race
Owens told IBJ on Tuesday that he left his job as CEO of local tech firm SupplyKick in early January in part to focus on his run for governor. Now that he’s not running for governor, he said he hasn’t decided what his next move is.
Deal between Indy Reads, library would relocate bookstore to Fountain Square
The Indianapolis Public Library has reached an agreement in principle to close its Fountain Square branch in May so the not-for-profit literacy organization can move its bookstore to the space this summer.
New owners plan wholesale change for vacant Marsh in Lawrence
Two brothers who hail from the Lawrence area have purchased North Lawrence Shopping Center in part to relocate their business, SE Imports & Wholesale. But another grocery is expected as well.
Sullivan’s Hardware buys Fishers garden-and-home center for $5M, plots growth
After more than 40 years as the nursery’s founder and owner, Jeff Gatewood decided last fall to retire and put his five-acre business at 11405 Allisonville Road up for sale.
Portillo’s plans to set up shop in Westfield
More than two years after first entering the market to great fanfare and huge crowds, Chicago-based Portillo’s is planning a fourth restaurant in the Indianapolis area.
Simon says $3.6B Taubman deal will help refresh rival’s malls
Investors on Monday morning leapt aboard the plan from Indianapolis-based Simon Property Group Inc. plan to buy rival shopping center owner Taubman Centers Inc. for $3.6 billion.