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Report: Steak n Shake might file bankruptcy as early as next week
The struggling Indianapolis-based company lacks the cash to pay off a $153 million loan that comes due March 19. It also has been exploring out-of-court solutions.
The struggling Indianapolis-based company lacks the cash to pay off a $153 million loan that comes due March 19. It also has been exploring out-of-court solutions.
The downtown Claddagh opened in 2000 and was the first location in a chain that at one time numbered as many as 17 locations around the Midwest. Most if not all of its locations have since closed.
Local restaurateur Terry Anthony said his goal is lure people back downtown and attract repeat customers. The Block opens Sunday in the historic Block Building.
Indianapolis-based owners David Brown, a chef, and Adam Belt, a commercial pilot, are gearing up to open their fast-casual soul food concept in a space that formerly housed a Dunkin’ Donuts.
Green District plans to take over the space on the southwest corner of Monument Circle that was previously occupied by Au Bon Pain.
The massive hall, known as The Garage, currently features 10 dining and drink options and three retail spaces and opened early this month to much fanfare. Another five dining selections are on their way.
FTI Consulting will work with the Indianapolis-based company as it explores a possible out-of-court restructuring of its debt and lease obligations or a bankruptcy filing, The Wall Street Journal reported.
The seven vendors, which include restaurants, a space for food entrepreneurs and a barber shop, will occupy 16 Tech’s 40,000-square-foot food and retail hall.
Even amid dramatically reduced foot traffic, the facility’s work to refresh its slate of restaurants and shops is progressing—albeit more slowly than initially expected.
The chain nearly broke even in the latest quarter it reported, no small feat after losing a combined $29 million in 2018 and 2019.
The 86th Street location, the chain’s second Indianapolis-area store, is set to open this spring. Lou Malnati’s confirmed the location last year but until now had not specified when it planned to open.
These news notes appeared in Real Estate Weekly on Jan. 12, 2020:
The latest layoffs have been heavily concentrated in the industries that have suffered most because they involve face-to-face contact: Restaurants, bars and hotels, theaters, sports arenas and concert halls.
Jeff Meyer is turning the former Boys & Girls Club at 1700 Conner St. into his company’s headquarters. And he plans to keep things rolling by opening another eight to 10 stores by the end of 2023.
Dr. Virginia Caine said the decision on further opening restaurants will be dictated by positivity rates, vaccine distribution and case counts much closer to the tournament.
This will be the fourth Indianapolis-area location for the fast-casual burger chain, though none have yet opened.
Sahm’s Bar & Grill, which has been closed since March due to the pandemic, is reopening as Hoss Bar & Grill, a modern highway diner concept offering burgers, sandwiches, salads, a dinner menu, beer and cocktails.
Stories with some connection to the pandemic dominated the list, but the top story was actually about Cracker Barrel’s move to open a “ghost kitchen” pilot in Indianapolis.
Dozens of central Indiana restaurants have closed since the pandemic hit in March—some almost right away, unable to weather the forced closure of their dining rooms. Others gave up the ghost later, after takeout or restricted indoor dining failed to keep them afloat.
The company, which opened a location in downtown Indianapolis in 2016, describes its business as being in a “mothballed period” and said that it anticipates reopening venues “once it is safe to do so.”