Celadon shutdown to create shipping headaches for Fortune 500 firms
The company moved goods for many well-known companies, including Alcoa, General Electric, John Deere, Philip Morris, Procter & Gamble, Target and Walmart.
Bankruptcy
-
UPDATE: Celadon ceasing operations, eliminating nearly 4,000 jobs
CEO Paul Svindland said challenges in the trucking industry, along with fallout from what prosecutors allege was a massive accounting fraud engineered by prior management, proved impossible to overcome.
Read More -
Wise says restaurant chain’s failure led to personal bankruptcy
Former Scotty’s Brewhouse owner Scott Wise and his wife, Amy, filed for Chapter 13 bankruptcy protection last week in U.S. Bankruptcy Court for the Southern District of Indiana.
Read More -
Drowning in debt, FullBeauty Brands to file Chapter 11
The online retailer of plus-size women’s apparel with a deep history in Indianapolis and nearly half its workers here is attempting to extricate itself from a debt load of $1.3 billion.
Read More
Articles
Fishers ag-tech firm that had big growth plans files for bankruptcy
Fishers-based Aggressively Organic Inc., an agricultural technology company that focuses on alleviating food insecurity, announced plans in 2017 to hire 200 people by the end of 2021.
No. 1 milk company declares bankruptcy amid drop in demand
Dean Foods, America’s biggest milk processor, filed for bankruptcy Tuesday amid a decades-long drop-off in U.S. milk consumption blamed on changing trends and a growing variety of alternatives.
Forever 21 fashion chain files for Chapter 11 bankruptcy
Indianapolis-based Simon Property Group counts Forever 21 as its sixth-largest mall tenant, excluding department stores, with 99 outlets covering 1.5 million square feet, as of March 3.
Retailer Forever 21 prepares for potential bankruptcy filing
A bankruptcy filing would help the company shed unprofitable stores and recapitalize the business. The retailer has four Indianapolis-area stores.
Fashion accessory retailer Charming Charlie going out of business
The 15-year-old chain, which has stores in Carmel, Noblesville and Greenwood, plans to close all 261 of its locations after filing for Chapter 11 bankruptcy.
SteadyServ sold to largest creditor after no other bids
RBE Investments LLC, the company’s biggest secured creditor, made a nearly $5.8 million credit bid to purchase the seven-year-old company and its assets after a turnaround plan for the company failed.
Indy credit union pays a price to put ITT nightmare to rest
Elements Financial, formerly the Eli Lilly Federal Credit Union, is among seven credit unions that collectively agreed to pay $7.5 million to settle a lawsuit brought by ITT Educational Services' bankruptcy trustee.
CNO stuck in nightmare over alleged hedge fund fraud
CNO is mired in lawsuits related to the hedge fund's collapse—both as a plaintiff and as a defendant—that likely will take years more to play out.
Majority owner of bankrupt Scotty’s plans to oust operating partner, focus on basics
The chain's performance declined after founder Scott Wise sold it in December 2016, and in recent months it has closed four restaurants and announced plans to close a fifth.
Tech veteran Becker fights to save SteadyServ
A longtime tech leader has stepped in to try to turn around one of the most-ballyhooed startups in state history but one that has perennially underachieved and burned through $30 million in capital.
Home decor retailer with Carmel store files for bankruptcy
Los Angeles-based Z Gallerie said it plans to close 17 of its 76 stores as part of the Chapter 11 reorganization.
Payless ShoeSource to close all stores, report says
The chain, which is preparing to file bankruptcy for the second time in two years, has more than 50 locations across Indiana.
Promising beer-service technology firm files for bankruptcy
SteadyServ Technologies LLC, a Fishers-based company identified as one of the most innovative startups on the planet just a few years ago, now is now struggling to survive.
Residents of Carmel senior community owed $52M in development’s bankruptcy
Mayflower Communities of Dallas, owner of 271-unit Barrington complex, has filed for bankruptcy after missing three bond payments and falling into default.
Bankruptcy judge blesses $5.2B plan to keep Sears afloat
The approval means roughly 425 stores and 45,000 jobs will be preserved, at least for now.
Apparel retailer with hundreds of Indy employees files for bankruptcy
Debt-burdened FullBeauty Brands has a restructuring plan ready to go that would turn over ownership to its creditors. But a federal trustee wants to tap the brakes.
Scotty’s Brewhouse to close four locations as part of bankruptcy
The parent of Scotty’s Brewhouse filed for Chapter 11 bankruptcy protection late Tuesday in Indianapolis. It plans to shut down four of its 17 locations, including two local restaurants.
USA Gymnastics bankruptcy might leave sex-abuse victims unpaid
In court filings, USA Gymnastics said it might not have the estimated $75 million to $150 million needed to settle lawsuits from dozens of claims from victims of Larry Nassar.
USA Gymnastics files for Chapter 11 bankruptcy
The embattled Indianapolis-based organization filed a Chapter 11 bankruptcy petition Wednesday as it attempts to reach settlements in the dozens of sex-abuse lawsuits it faces and to forestall its potential demise at the hands of the U.S. Olympic Committee.