URBANA — Village Inn Pizza has closed after 47 years of operation, and the business is up for sale, according to a release from the family-owned company.
John Rinkenberger Jr., managing partner for the Village Inn, said the business, at 1901 S. High Cross Road, U, was undercapitalized and didn't have the wherewithal to promote the business and make upgrades.
"This was not an easy decision for us," he stated in a release.
"We were undercapitalized due to the move 15 months ago from the Springfield Avenue location and unable to sustain (the business) long-term."
Rinkenberger said sales were 16 percent higher after the restaurant moved from 1801 W. Springfield Ave., C, to the High Cross Road location in November 2011.
But, he added, "we do not have the capital to continue to promote the business and to make the upgrades available to the 20-acre sports and entertainment complex."
Rinkenberger said the family is looking for someone to buy the business and keep the Village Inn brand alive.
Village Inn opened in 1965 and was originally owned and managed by Dale Holt and David Block.
Rinkenberger, his parents and some silent partners became the third set of owners for the restaurant when they acquired it from Dennis Buerkett several years ago.
Cafe Luna files for Chapter 7 bankruptcy
CHAMPAIGN — A meeting of creditors has been scheduled for March 14 in connection with the Jan. 31 bankruptcy filing of Cafe Luna.
The restaurant, at 116 N. Chestnut St., C, closed in December after nine years in business, four of them at that location.
In its filing for Chapter 7 bankruptcy, the business listed assets of $37,635 and liabilities of $120,298.
A creditors' meeting has been scheduled for 12:30 p.m. March 14 in Room 208 of the Federal Building in Danville.
In an email to The News-Gazette following the restaurant's closing, its owner, Raquel Aikman Ritz, thanked customers for their patronage and said she was "ready to start a new chapter" in her life.
The bankruptcy filing lists the following liabilities:
— $53,074 in secured claims, namely a business loan from Busey Bank of which $37,555 was secured by collateral and $15,519 was not.
— $12,145 in unsecured priority claims, namely taxes due the Internal Revenue Service and the state of Illinois.
— $55,079 in unsecured nonpriority claims from 31 creditors. The largest of those claims were $11,393 from the University of Illinois Employees Credit Union and $10,500 for three months' rent owed to C-U Station.
First Financial's fourth-quarter profits off
TERRE HAUTE, Ind. — First Financial Corp., the parent company of First Financial Bank, said fourth-quarter net income was down 16 percent from a year earlier.
The company had $8.6 million of net income in the fourth quarter of 2012, down from $10.2 million in the comparable period in 2011.
Full-year net income was $32.8 million, down 12 percent from $37.2 million in 2011.
Earnings for full-year 2012 amounted to $2.48 a share, down from $2.83 a share in 2011.
The results for 2012 were influenced by income and expenses associated with the purchase of Freestar Bank. First Financial incurred additional salary and benefit expenses, as well as one-time expenses, as a result of the Freestar acquisition.
WBGL expanding into downstate markets
CHAMPAIGN — WBGL-FM is expanding into seven southern Illinois markets as a result of joining forces with sister station WIBI.
WBGL will add seven WIBI frequencies to its listening family, including frequencies in Carlinville, Granite City, Vandalia, Effingham, Mount Vernon, Murphysboro and metro St. Louis.
WBGL already broadcasts on 91.7 FM in Champaign, 104.7 FM in Morris, 88.1 FM in Decatur and Charleston and 88.5 FM in Terre Haute, Ind.
WBGL's signal currently reaches 2.5 million people, and with the expansion, as many as 3.75 million people will be able to get the signal, according to a release from the station.
WBGL, a listener-supported station that uses the tagline "faith, hope, family," is affiliated with the Illinois Bible Institute.