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.
Suppliers are still gun-shy after their experience with Toys ‘R’ Us, which went out of business months after filing for Chapter 11 reorganization in the fall of 2017, leaving them with millions of dollars in unpaid bills.
Indianapolis-based Simon Property Group and other mall landlords actually might be looking forward to redeveloping Sears’ massive stores with more promising tenants as the once-mighty retailer enters bankruptcy.
Sears Holdings Corp., the struggling U.S. retailer owned by hedge fund manager Eddie Lampert, is focused on a deal that would preserve stakeholders’ value in a court restructuring, according to a person with knowledge of the matter.
Mattress Firm’s initial round of closures will include at least one store in Indianapolis and two others elsewhere in Indiana.
Attorneys for the defendants have asked the court to discuss the case, arguing it falls far short of the standards needed to warrant a full-blown trial.
Without a big settlement, or a resounding victory at trial, victims in the fraud would be left with an underwhelming recovery—currently 11 cents on the dollar, based on distributions of $18 million in December 2015 and $5 million last October.
Among the closures will be the store in Circle Centre in downtown Indianapolis—an original tenant in the mall when it opened in 1995. The only other Brookstone store in Indiana is at Indianapolis International Airport.
The deals with former ITT CEO Kevin Modany and Chief Financial Officer Kevin Fitzpatrick were reached days before trial and include more than financial settlements.
A Delaware law firm is spearheading the case on a contingency-fee basis. Under the sliding scale, it would get 20 percent of a recovery up to $10 million, and 35 percent of a recovery topping $20 million.
A lawsuit filed by ITT Educational Services’ bankruptcy trustee seeks $250 million from the firm’s former CEO and board members, whom she alleges were disengaged as the business melted down.
The 70-year-old business, an institution in the local African-American community, is seeking reorganization after accumulating hundreds of thousands of dollars worth of tax and business debts.
Tens of millions of unsecured claims will go unpaid when the Indianapolis-based grocery chain completes its liquidation in bankruptcy court.
The San Antonio-based company is the second major radio player in the Indianapolis market to seek bankruptcy protection in recent months. In November, Atlanta-based Cumulus Media filed for Chapter 11.
Claire’s Stores Inc., the fashion accessories chain where legions of preteens got their ears pierced, is preparing to file for bankruptcy in the coming weeks, according to people with knowledge of the plans.
Toys “R” Us Inc., which has three Indianapolis-area stores, is expected to liquidate its bankrupt U.S. operations after so far failing to find a buyer or reach a debt restructuring deal with lenders, according to people familiar with the matter.
The San Antonio-based company would be the second major radio station owner in the Indianapolis market to file for Chapter 11 in recent months. Atlanta-based Cumulus Media filed in November.
The comeback strategy for Bon-Ton Stores includes closing a dozen Carson’s stores, although Bon-Ton hasn’t specified locations. The only Carson’s in Indianapolis is the lone anchor for Circle Centre mall.
Tow Yard Brewing made the move to reorganize its assets before its current lease ends and the owner of the building seeks another tenant for the space.
The world’s largest toy chain is planning to close about 180 Toys “R” Us and Babies “R” Us stores nationally as part of a reorganization plan to emerge from its September bankruptcy, according to a court filing.
