Retail

UPDATE: Simon shares climb after profit beats estimates

February 5, 2010
Bloomberg News
The company raised its average rent per square foot at both regional malls and outlet centers even as U.S. consumer spending flagged.
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Simon Property's quarterly profit tumbles

February 5, 2010
Bloomberg News
Quarterly revenue remained flat at about $1 billion, but profit fell 41 percent, from $196.4 million to $115.9 million.
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Simon, partner selling European malls for $981M

February 5, 2010
Bloomberg News
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.
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Movie Gallery files second bankruptcy in two years

February 4, 2010
Bloomberg News
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.
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HHGregg's profit, sales rise

February 4, 2010
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.
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Independent bookstore in Carmel ends seven-year run

January 30, 2010
 IBJ Staff
The Mystery Co. in the Arts & Design District plans to host a farewell party Jan. 30, and close for good a few days later.
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Steak n Shake posts profit, plans new corporate name

January 29, 2010
Associated Press
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.
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Panel OKs bill to provide pet buyers with info

January 27, 2010
Associated Press
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.
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Rising credit card fees eroding retailers' profits

January 23, 2010
Peter Schnitzler
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.
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Finish Line forfeits incentive deal

January 20, 2010
Cory Schouten
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.
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Shoppers World taking former Target space on U.S. 31 South

January 16, 2010
 IBJ Staff
The New York-based department store has one other location in Indianapolis, in Lafayette Square Mall. That store opened in 2008.
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National animal-welfare group targets Steak n Shake

January 14, 2010
Andrea Muirragui Davis
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.
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HHGregg shares fall after analyst downgrade

January 13, 2010
 IBJ Staff and Associated Press
Customers are buying fewer high-priced big-screen TVs from electronics chain HHGregg Inc., an analyst said Tuesday as he lowered his investment rating on the company's stock.
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Steak n Shake CEO buys more shares

January 12, 2010
Cory Schouten
Steak n Shake Co. CEO Sardar Biglari bought $290,000 worth of stock in the Indianapolis-based burger chain last week in another big bet the company's shares are undervalued.
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The Flying Cupcake is among restaurants expanding as others contract

January 9, 2010
 IBJ Staff
Bobby Joe’s Beef and Brew, a popular home-grown restaurant at Southport Road and Interstate 65, has closed. Riviera Maya, billed as an authentic Mexican restaurant, is slated to replace Old Town Ale House in Fishers
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Steak n Shake slashes restaurant spending as CEO hoards cash

January 2, 2010
Cory Schouten
From 1999 to 2008, Steak n Shake Co. spent an average of $55 million a year to add dozens of restaurants and buy equipment for existing ones. In 2009, the locally based chain spent just $5.8 million.
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Location, personal touch drive tasting room growth

December 28, 2009
Andrea Muirragui Davis
Upland Brewing Co. and Chateau Thomas Winery are broadening their use of tasting rooms, opening outlets far from their production facilities in hopes of attracting new customers.
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NEWSMAKER: Mel Simon was shopping mall pioneer

December 26, 2009
Cory Schouten
Mel Simon, who died at 82 on Sept. 16, changed how America shops. He was chairman emeritus of locally based Simon Property Group Inc., the nation’s largest owner of retail real estate.
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Insurance company rejects Steak n Shake takeover bid

December 23, 2009
Cory Schouten
A small Michigan insurer has rejected an acquisition bid from The Steak n Shake Co., describing the offer as a "hostile takeover attempt."
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Cash-flush Finish Line likely to open new stores

December 23, 2009
Scott Olson
With an improved balance sheet and $150 million in its pocket, the athletic-gear retailer is looking at new locations and improving its online shopping hub.
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Finish Line profit exceeds analyst expectations

December 22, 2009
 IBJ Staff
The Finish Line Inc. barely eked into the black in its fiscal third quarter, but even that exceeded analysts’ expectations.
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UPDATE: Steak n Shake turning away from core business

December 22, 2009
Cory Schouten
The Steak n Shake Co. is taking a dramatic turn away from its core business with a bid to purchase a Michigan insurer in a deal valued at almost $37 million.
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BREAKING: Steak n Shake offers to acquire Michigan insurer

December 22, 2009
Cory Schouten
The Steak n Shake Co. has offered to acquire all of the outstanding shares of Fremont Michigan Insuracorp Inc. in a deal that could be worth almost $37 million.
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UPDATE: Steak n Shake plan makes 'perfect sense' to investment pro

December 15, 2009
Scott Olson, Cory Schouten
The Steak n Shake Co.’s unusual plan to initiate a reverse stock split has the support of at least one local investment adviser, if in fact the company’s CEO is attempting to model it after Warren Buffett’s holding company, Berkshire Hathaway.
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Steak n Shake plans 20-1 reverse stock split

December 15, 2009
Cory Schouten
The Steak n Shake Co., in an unusual gambit, plans to initiate a reverse stock split that would reduce its number of shares outstanding from almost 29 million to just 1.4 million and boost its per-share price from roughly $12 to $240.
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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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