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.
An email from the Indianapolis-based company to employees on Friday afternoon said efforts to find a buyer that would keep the business running failed and that liquidation sales will start Saturday.
An Indianapolis judge has ruled in favor of three former Irwin Union Bank & Trust Co. executives, closing the book on a civil suit that the bank’s bankruptcy trustee originally filed in 2011.
The Indianapolis-based retailer, which has filed for Chapter 11 bankruptcy protection, has filed a plan with the court to close its 132 stores and sell off its remaining merchandise if it can’t find a buyer by April 7.
The Eli Lilly Federal Credit lost a bundle on loans to ITT Technical Institute students a few years ago. Now the credit union, which adopted the Elements Financial moniker two years ago, may get hit with a lawsuit from the bankruptcy trustee for the now-defunct for-profit school operator.
Payless Inc., which has about 15 shoe stores in the Indianapolis area, is preparing to file for bankruptcy as soon as next week, according to people familiar with the matter.
The century-old discount department store chain, which has a store in Avon, said it planned to permanently close a distribution center southwest of Indianapolis on May 12.
The century-old discount department store chain operates one store in the Indianapolis area and several more in other parts of the state.
The Indianapolis-based appliance and electronics retailer says it has interest from dozens of potential purchasers.
The company that set out to revive the fortunes of RadioShack, the venerable consumer-electronics chain, filed for bankruptcy Wednesday after failing to keep up with changing consumer habits. The filing could mean the end for eight remaining area stores.
The company did not disclose the identity of the purchaser. CEO Robert Riesbeck said HHGregg is “fully committed” to continuing to operate the 132 stores that will remain after it completes the closings announced last week of 88 stores.
The filing follows a wave of lawsuits filed against Gary Eyler in connection with the collapse of The College Network, a company he founded in 1995 that provided online test-prep materials for college entrance exams.
The news comes one day after the Indianapolis-based retailer announced that it was closing 88 stores and three distribution centers
The bankruptcy trustee for ITT Educational Services has recruited some big hitters to help with investigating and prosecuting claims against the school’s former directors and officers.
The 61-year-old retailer of appliances and electronics is preparing to file for bankruptcy as it grapples with an ongoing slump in sales, according to people familiar with the matter.
Todd Wolfe’s Deca Financial Services LLC was forced into bankruptcy in 2014, and he was indicted on federal fraud charges the following year.
Deborah Caruso has launched a no-holds-barred inquiry into the defunct company's business practices and is seeking documents and depositions from the accounting firms that audited its books.
A longtime provider in the for-profit college education world shuttered this fall after years of pressure from federal regulators over its recruiting methods and students’ educational performance.
