Bankrupt manufactured-home builder Patriot Homes Inc. will close a Middlebury plant that employs 125 workers, according to a notice filed with the state. Elkhart-based Patriot filed for Chapter 11 bankruptcy protection in September, citing financial woes tied to the slumping housing market and tight credit. Before that filing, the company closed seven plants, including four […]
Color-Box Inc., a unit of the Georgia-Pacific paper company, will close its Indianapolis manufacturing facility in March, costing 74 workers their jobs. The company, which designs and makes corrugated boxes for a variety of clients, notified the state Department of Workforce Development of the March 10 closing late last week. Color-Box also employs more than […]
Indianapolis-based WellPoint Inc. lost an estimated $349 million on its investments during the last three months of 2008, the company said in a regulatory filing today. That comes on top of a loss of $562.6 million reported for the third quarter. More than half of that was attributed to investments in failed investment bank Lehman […]
Chain system manufacturer Iwis Drive Systems LLC today said it will expand and relocate its Indianapolis operation, adding 40 employees to its roster of 18. A subsidiary of the Germany-based Iwis Group, the company plans to invest more than $1.5 million to upgrade equipment and move from its current facility near the Indianapolis airport to […]
Scholar’s Inn Bakehouse has closed its cafe at the corner of College and Broad Ripple avenues. The locally based chain still is operating the Scholar’s Inn Restaurant & Lounge along Mass Ave downtown, along with two bakehouse locations, a bed-and-breakfast and a restaurant in Bloomington. For more or to weigh in, go to IBJ’s Property […]
Emmis Communications Corp. announced growing losses this morning in its fiscal third-quarter financial statements. The Indianapolis media company said it lost $125.6 million in the period ended Nov. 30, compared to a loss of only $2.1 million in the same quarter a year ago. Emmis cited a non-cash impairment charge of $3.51 per share for the […]
The restaurant, bar and concert venue Music Mill plans to shut down next month after a four-year run at 3720 E. 82nd St. near the Fashion Mall at Keystone. Music Mill’s lease was up and the sour economy has been taking a toll, said Nick Davidson, one of the owners. For more information or to weigh […]
The real estate market hasn’t been pretty, but there’s reason for optimism, the local office of Colliers Turley Martin Tucker says in its annual State of Real Estate Market Report. The firm reports that although investment sales have slowed to a crawl, office vacancies are rising and retail developments are on hold, there are plenty […]
PITTSBURGH Aluminum producer Alcoa Inc. says it’s cutting about 13 percent of its global work force and slashing spending and output due to the economic downturn. The Pittsburgh-based company says 1,700 contractors also will be cut and that it’s implementing a global salary and hiring freeze. As a result of its actions, Alcoa expects fourth-quarter […]
Indianapolis Convention & Visitors Association has hired locally based Young & Laramore as its agency of record after reviewing proposals from 13 applicants. The ad shop will support ICVA’s internal marketing efforts, offering its advertising and branding expertise. The win is good news for Y&L, which made staff cuts in November after long-time client Steak […]
The Indianapolis Museum of Art today announced a series of cutbacks designed to trim $1.7 million from its budget due to revenue shortfalls and “significant losses” to its endowment. As of Nov. 30, IMA’s endowment was worth $278.5 million, down 27 percent from the same date in 2007. The museum is trimming expenses for the […]
Carmel insurer Conseco Inc.’s shares dropped 5.5 percent yesterday after an analyst downgraded the stock after regulators alleged that the company underfunded its policies.The stock closed the day at $4.45.New York-based Keefe, Bruyette and Woods Inc. cut its rating for Conseco and reduced its price target on the shares from $10 to $8, citing pending […]
Airlines may be struggling nationally, but Indianapolis-based Republic Airways flew more passengers last year than in 2007.The regional carrier said Jan. 2 that it transported 18.9 million passengers in 2008, up 16 percent from the prior year.The airline holding company owns Chautauqua Airlines, Republic Airlines and Shuttle America – airlines that offer about 1,250 flights […]
he CEO of the biggest electricity provider in Indiana has
been ranked No. 50 on "The Global Elite" ranking of 50 influential individuals compiled by Newsweek.
A group of thoroughbred lovers concerned about the horses’ futures spend every weekend during the summer racing season at
Hoosier Park.
Indianapolis based Emmis Communications Corp. signed a three-year deal to produce and publish the Indianapolis Convention & Visitors
Association’s
semi-annual visitors guide, convention planners guide and other tourism-related publications and materials.
Indiana Secretary of State Todd Rokita has issued a warning about a fraudulent letter targeting Indiana businesses.
Another economic development official has left the administration of Gov. Mitch Daniels as the Republican prepares to start his second term. Bruce Kidd, director of small business and entrepreneurship at the Indiana Economic Development Corp., said yesterday that he has taken a post as senior vice president at Walker Information, the Indianapolis company that helps […]
Two of Japan’s largest automakers are considering building parts inventories to prevent suppliers from sliding into bankruptcy, according to Bloomberg News. Toyota Motor Corp., which has operated under the lean, just-in-time system since 1938, as well as Honda Motor Co. fear that the struggles of Detroit automakers could result in many parts makers going out […]
Car buffs aren’t letting negative news about the economy keep them away from the 2009 Indianapolis Auto Show. Attendance is running about even with last year’s show, said Marty Murphy, executive vice president of the Indianapolis Automobile Trade Association, the dealer group that sponsors the show. Last year, the seven-day event attracted 230,000. This year’s […]
