HHGregg’s faster growth boosts risk, potential rewards
HHGregg Inc. had been in business nearly a half century when it hit the 50-store mark in 2004. It plans to open nearly
that number within the next year.
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Herb Simon purchases Kirkus book review journal
In a move not necessarily stranger than fiction, Herb Simon has bought Kirkus Reviews, the venerable journal of prepublication
book reviews. The owner of the Indiana Pacers co-owns an independent bookstore in California and is described as a voracious
reader.
Kmart closing adds to Connersville jobless woes
Kmart’s announcement that it will close its store in Connersville in May will put 59 employees out of work. Fayette County,
where the city is located, already is strapped by steep job losses.
CVS settles Indiana complaint over 2 pharmacists
Pharmacy giant CVS will pay $1.95 million and verify that all of its pharmacists are licensed in Indiana to settle a state
complaint that pharmacists with expired licenses dispensed prescriptions for several years at two of its drugstores.
UPDATE: Steak n Shake confirms new corporate HQ
The Steak n Shake Co. updated its Web site this week to reflect a new corporate headquarters address in San Antonio, confirming
a story in IBJ‘s Feb. 8 print edition.
UPDATE: Simon shares climb after profit beats estimates
The company raised its average rent per square foot at both regional malls and outlet centers even as U.S. consumer spending
flagged.
Simon Property’s quarterly profit tumbles
Quarterly revenue remained flat at about $1 billion, but profit fell 41 percent, from $196.4 million to $115.9 million.
Simon, partner selling European malls for $981M
Unibail-Rodamco SE, Europe’s biggest shopping-center owner, has agreed to pay Simon Property Group and Ivanhoe Cambridge Inc.
$981 million for stakes in seven malls in France and Poland.
Steak n Shake changing its name, moving HQ to Texas
Indianapolis is on the verge of losing one of its most prominent public companies. The Steak n Shake Co. is planning to
change its name to Biglari Holdings Inc. and move its headquarters to San Antonio. The Steak n Shake restaurant chain would retain a presence in Indianapolis.
Movie Gallery files second bankruptcy in two years
The second-largest company in the movie-rental business behind Blockbuster Inc. is immediately closing 760 locations. The
chain operates 14 stores in central Indiana,
according to its Web site.
HHGregg’s profit, sales rise
HHGregg’s profit and revenue both increased in its fiscal third quarter, despite a slight dip in same-store
sales. The opening of 19 stores helped offset the decrease.
Steak n Shake posts profit, plans new corporate name
Steak n Shake Co. said Friday it posted a fourth-quarter profit, and said it is planning to change its corporate name to Biglari
Holdings Inc.
Independent bookstore in Carmel ends seven-year run
The Mystery Co. in the Arts & Design District plans to host a farewell party Jan. 30, and close for good a few
days later.
Panel OKs bill to provide pet buyers with info
The bill would require pet stores to put information about the dog or cat on its cage in the store, including the animal’s
medical history, the name of the breeder and any congenital disorders.
Rising credit card fees eroding retailers’ profits
Businesses say the money they must pay to provide customers the convenience to use plastic adds up. For example, Ricker Oil
Co. paid a whopping $3.9 million in 2009, according President Jay Ricker.
Finish Line forfeits incentive deal
Mall retailer The Finish Line Inc. has agreed to forfeit a potentially lucrative tax-abatement deal because it won’t be able
to meet a 2008 promise to create almost 200 jobs and invest $24 million at its Indianapolis headquarters.
City Market proposals: Microbrewery, bicycle hub, agriculture showcase
Six groups are vying to lead a redevelopment effort for the struggling Indianapolis City Market. Check out summaries of each
of the proposals.
Indiana beverage retailers want permits frozen
An Indiana liquor store trade group wants a court to freeze state alcohol permits until a judge can clarify quota laws on
the number of permits allowed.
Shoppers World taking former Target space on U.S. 31 South
The New York-based department store has one other location in Indianapolis, in Lafayette Square Mall. That store opened in
2008.
National animal-welfare group targets Steak n Shake
The Humane Society of the United States bought $2,000 worth of Steak n Shake stock this week in hopes of getting the company
to work with food producers that use humane farming methods.