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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Hofmeister jewelry business files Chapter 11
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Ameriana Bank took over Westfield Farmers Market for 2013 and it is held in their parking lot, corner of 32 and Carey road, 5 to 8. I am selling soap and candles there. great market!
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B&T certainly has enough of our taxpayer dollars to do this thanks to Mayor Ballard. Given the firm's exceedingly poor reputation in the legal community, the basement would seem a better option.
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Should read MAY hire 20 people.
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Not a good location for a 300,000 home. 10th Street fumes, buses, noise. Max for this location 150,000.
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The state constitution also does not say that the majority has a right to quorum, nor that the minority is required to allow them quorum. In fact, denial of quorum has been a parliamentary maneuver since the establishment of the first parliaments in the early 1600s. The right to deny quorum (and the requirement fore quorum) are to prevent exactly what happened in Indiana: A tyrannical majority pushing through odious, objectionable legislation. Denial of quorum is totally legitimate, and lest we forget, a tactic the GOP has employed many, many times to ensure their issues weren't given short shrift. By allowing the majority to impose "fines" on the minority for exercising the authority the constitution grants them (to deny quorum,) they are violating the constitution.
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Do you people see??? He has a pattern of breaking the rules because he feels like he's above them...except he's obviously not above having to pay his creditors.
This is not a complicated thing to understand. When they make a sale - they get paid. No one is dragging them out on terms or not paying as they won't release the product without payment.
Why aren't they paying their vendors? Because Carter felt it was OK to drag out his suppliers and use "their money" for his personal "stuff" whatever that might be.
Everyone giving this support is acting so naive and wanting to "help" Carter through this time where the big bad bank wants to know if they'll ever get their money back. This is life people...about time some of you join the rest of the world in the reality of how life works. You ask for a loan, you're expected to pay it back according to the terms...it doesn't really matter to the bank if you're the most giving person in town or a drug addict.
HPJ has always been a great asset to the community and supports many local charities.
I'll continue to be a loyal customer and would never take my business elsewhere!
Look around...however unfortunate this situation is, it is very common right now in the "luxury item" market. Do a google search on any "luxury" industry you can think of (cars, boats, jewelery, homes, appliances, etc) and you're going to see many of the major players have resorted to the bankruptcy court for help.
Our economy still sucks and there are not a lot of us who have a bunch of discretionary income to spend on jewelry...but I sincerely hope this is changing! And I hope Hofmeister emerges as solid local business.
No, I don't feel sorry for PNC...they were given National City Bank by the federal gov't. National City got bailed out...but none of their business clients were bailed out by PNC or the gov't....
I do feel sorry for the vendors/suppliers. Especially those that are small business owners themselves.