Bankruptcy

Thursday marked the beginning of the end for 18 Marsh stores that weren’t bought out at a bankruptcy auction earlier this week.

Forty-four Marsh locations in Indiana and Ohio stayed open as the company started going through bankruptcy last month, but only 26 found a buyer at auction Monday.

The remaining 18 – in the Indianapolis area, Lafayette, Muncie, Kokomo, Carmel, Logansport, Connersville and Noblesville – have now started selling off their inventories.

The 18 Marsh grocery stores that don’t have a buyer will start selling off their inventories Thursday, according to a company spokesperson.

And a CVS spokesperson says his company has “settled” a dispute with the two Ohio grocery chains that want to buy Marsh’s 26 other remaining stores.

This clears the way for the combined $24 million deal with a Kroger subsidiary and another Ohio chain, Fresh Encounter, to go forward.

Two Ohio-based firms offered to buy more than half of the remaining Marsh grocery stores at Monday’s bankruptcy auction.

The deal hinges on the outcome of a dispute between Indiana-based Marsh and CVS Pharmacies.

At the auction in Delaware, Kroger subsidiary Topvalco offered $16 million for 11 Marsh stores in Indianapolis, Zionsville, Muncie, Bloomington, Brownsburg, Fishers and Greenwood.

That’s according to bankruptcy court documents filed Tuesday.

EDITOR’S NOTE, JUNE 14: This developing story has been updated. Read more here.

What’s left of the Marsh grocery chain went to auction Monday morning – but there’s no word yet on how the bidding went.

Attorneys in the Delaware law office where the auction was set to take place did not immediately return requests for comment. They represent Indiana-based Marsh in its bankruptcy proceedings.

The 44 remaining Marsh stores will go to auction Monday, June 12, as the Indiana company’s bankruptcy process continues.

The Fishers-based grocery chain received multiple bids for its assets as of Wednesday’s deadline, triggering the auction.

The winning buyer may choose to keep some Marsh stores open, convert them to another chain’s brand, or close the stores entirely.

The Indiana-based Marsh grocery store chain filed for bankruptcy Thursday, triggering a process where it could be bought out, preserve more profitable locations, or close entirely.

The 44 remaining Marsh stores in Indiana and Ohio could close in 60 days if the company can’t find a solution. Marsh already closed 21 other low-earning locations and sold its pharmacy business this year.

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The bankruptcy filing of the nation's biggest coal company will likely have repercussions in Indiana.

St. Louis-based Peabody Energy will keep operating mines like Bear Run in Sullivan County, for now.

But the bankruptcy could impact more than a thousand Peabody Energy employees across the state.

Hancock Fabrics Going Out Of Business, Closing 4 Indiana Stores

Apr 4, 2016
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Mississippi-based Hancock Fabrics is going out of business, shutting down its four Indiana stores and nearly 200 more.

The fabric and crafts retailer filed for bankruptcy in February, but no company came forward to buy its $280 million in retail assets.

Hancock Fabrics' Indianapolis, Carmel, Fort Wayne and Clarksville locations will hold clearance sales over the next few months before closing down. They employ about 40 people total.

 

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The private company which operates the Indiana Toll Road is filing for bankruptcy today.

ITR Concession Company is the operating arm of a Spanish-Australian consortium which paid nearly $4 billion for a 75-year lease on the Toll Road in 2006.

The lease says Indiana gets the road back if ITR is unable to fulfill its responsibility, but the company says the Chapter 11 filing won‘t affect road operations.