Philadelphia-based PalmStar Media has bought National Lampoon Inc., a deal that severs the final ties between the company and a contingent of Indianapolis shareholders, including convicted fraudster Tim Durham.
Executives eligible for the additional pay, if certain benchmarks are hit through the company’s bankruptcy, include Kevin J. Kovacs, HHGregg’s chief financial officer and acting CEO.
The trustee charges that Sam Odle and fellow outside directors should have ousted CEO Kevin Modany—a move that likely would have been well-received by the U.S. Department of Education and ITT’s accrediting agency.
A small, little-known company purchased at auction the company’s intellectual property rights, besting a bid by a large retailer with a household name.
Retailer True Religion Brand Jeans filed for Chapter 11 bankruptcy protection Wednesday and requested permission from the federal bankruptcy judge to close 27 of its 140 stores.
The airline, which emerged from bankruptcy as a privately held company on April 30, said it’s strongly positioned to tackle the ongoing pilot shortage.
CVS wants to prevent buyers from operating pharmacies. Lockerbie Marketplace's owners say Fresh Encounter has failed to demonstrate it has the financial wherewithal to "fully perform" under the Marsh lease it wants to take over in that shopping center.
Gymboree, which is struggling under an enormous load of debt, said it would have to close up to a third of its 1,300 stores nationwide.
The Fishers-based company would not provide details on the offers, which it is evaluating with creditors. The fate of its 44 remaining stores likely will be determined next week.
Fishers-based Marsh Supermarkets has received offers for at least some of its remaining 44 stores “from numerous bidders,” the company said Wednesday evening, less than two hours after the bid deadline set by bankruptcy court.
The deadline was Monday for the company to identify a so-called stalking horse bidder, which would make an initial offer for the grocer's assets that any other suitor would have to beat. Bidders for the business still could emerge, but time is running out.
A federal agency likely will step in and pick up the unfunded-pension tab once Marsh Supermarkets exits Chapter 11 bankruptcy. That's not an unusual situation for companies that have been owned by private equity firm Sun Capital Partners.
Sun Capital Partners has relinquished controlling ownership of Marsh Supermarkets to a limited liability company that plans to sell the assets of remaining stores at auction a month from now, bankruptcy papers show.
The approval clears the way for the Indianapolis-based airline to emerge from Chapter 11 as a privately held company by the end of the month.
The 62-year-old company is joining the trash heap of failed appliance and electronics retailers, done in by a long list of problems—including overexpansion and a collapse in sales of consumer electronics.