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HOFMEISTER’S FILES CHAPTER 11 April 21, 2011 (0 comments)
Indianapolis, IN--Hofmeister Personal Jewelers filed for Chapter 11 bankruptcy reorganization April 13, reporting assets of $3.8 million and liabilities of $5.4 million, according to a report in the Indianapolis Star. Owner Carter Hofmeister told the Star the firm, founded in 1973 by his father, Gary Hofmeister, fell victim to both the recession which kept its core customers from spending money, tighter lending from banks, and monies owed to him by debtors who also filed for bankruptcy.
An emotional Hofmeister, pictured here with his daughter Lauren in the newspaper article, told the Star it obviously was not something he wanted to do, and he never thought in a million years this would happen to him and his family. He emphasized, however, that the firm is not going out of business and it is retaining all 20 of its employees.
Listed among its creditors are PNC Bank, Indiana Department of Revenue, and various other local and jewelry industry firms. Redman Ludwig PC of Indianapolis is listed as the firm's legal counsel.