Gordmans Stores Inc., a Midwestern department-store chain founded more than a century ago, is preparing to file for bankruptcy, according to people familiar with the matter. The retailer has one store in the Indianapolis area and several others in Indiana.
The news comes one day after the Indianapolis-based retailer announced that it was closing 88 stores and three distribution centers
A filing could happen within the coming days and will probably result in liquidation, sources said. The Indianapolis area is still home to several RadioShack locations.
The closure of 40 percent of the retailer’s stores will result in the elimination of about 1,500 jobs.
The New York Stock Exchange on Tuesday suspended trading of HHGregg Inc. shares as it began proceedings to delist the struggling retailer’s common stock.
Same-stores sales for the burger chain dropped for the first time since 2008. Profit and customer traffic also fell.
Target Corp. reported a 43 percent drop in fourth-quarter profit as weak store sales overshadowed an improving online performance.
The 61-year-old retailer of appliances and electronics is preparing to file for bankruptcy as it grapples with an ongoing slump in sales, according to people familiar with the matter.
Restaurant Brands International Inc. has agreed to buy Popeyes Louisiana Kitchen Inc., adding a fried-chicken outfit to its lineup of burgers and doughnuts. The two chains have about 70 restaurants in the Indianapolis area.
The jobs are part of a plan Lowe’s announced Wednesday to hire 1,700 customer-support employees in total by October at offices in Wilkesboro, North Carolina; Albuquerque, New Mexico; and Indianapolis.
The popular restaurant chain known for its Italian beef sandwiches and Chicago-style hot dogs on Thursday officially disclosed it was coming to Fishers and revealed its chosen location.
Indianapolis-based HHGregg Inc. is turning to investment banks “to pursue a range of potential strategic and financial transactions” as the struggling appliances and electronics retailer battles sinking sales.
Robert Riesbeck, appointed to the top job last year, says growth opportunities in appliances and furniture are sufficient to offset declines in the company's battered consumer electronics product line.
The two owners operated six eateries in central Indiana, including one in Indianapolis, and have agreed to pay nearly $143,000 in restitution to the state Department of Revenue.
Despite a bumpy holiday season and other issues, the largest retail trade group says it's still optimistic that sales will grow this year.
The arrivals and expansions follow a busy year for the upscale north-side mall, which saw plenty of activity in 2016.
The New York Stock Exchange has notified HHGregg that the company’s stock price needs rise above avoid a delisting. Its market cap also needs a boost.
If a deal occurs, Hudson’s Bay might fold Macy’s assets, worth about $20 billion, into HBS Global Properties, its joint venture with Indianapolis-based Simon Property Group.
In a statement, CEO Robert Riesbeck said: "While decisions like this are never easy, we are taking the necessary steps to preserve and grow our business during the continued challenging retail environment.”
Lawmakers are advancing a bill that would compel large, online retailers to collect and send sales taxes to the state—injecting Indiana into a national tussle over the issue.
