Bankruptcy and Retailers and Banking & Finance and Specialty stores and Retail

Hofmeister jewelry business files Chapter 11

April 15, 2011
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One of the city’s best-known jewelry stores is seeking to reorganize under the protection of Chapter 11 bankruptcy.

In its April 13 filing, Hofmeister Personal Jewelers Inc. at 3809 E. 82nd St. listed assets of nearly $3.8 million and liabilities of $5.4 million.

The northeast-side jeweler’s largest debts include a loan balance of almost $2.5 million to the downtown Indianapolis office of Pittsburgh-based PNC Bank for inventory, accounts receivables, equipment and furniture, the federal court filing said.

The filing also includes dozens of unsecured claims, including $1.1 million owed to Gems One Corp. in New York for inventory and $300,000 to PNC Bank for a townhome in Steamboat Springs, Colo.

Hofmeister also owes $36,215 in sales tax to the Indiana Department of Revenue and more than $73,000 to an affiliate of WTHR-TV Channel 13, $35,000 to the Indianapolis Colts and $20,000 to Indianapolis Monthly for advertising.

The jeweler had revenue of $5.2 million in 2010, according to the filing.

Gary Hofmeister founded the store in 1973 in downtown Indianapolis. The jewelry store later move to the basement of Glendale Mall and, in 1992, to the current free-standing location at Clearwater Crossing. The company also has a small store in Steamboat Springs.

Gary’s son, Carter, owns 85 percent of the business and manages operations, according to the filing.


 

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