DirectBuy, one of the few national brands to emerge from Northwest Indiana, has filed for bankruptcy and is selling itself to creditors, NWI.com reported yesterday. The Merrillville, Ind.-based buying club, which purports to offers members straight-from-the-manufacturer prices at showrooms, said that it has reached an agreement with current lenders, who are unnamed. DirectBuy once had a million members nationwide, and more than 160 showrooms in the United States and Canada. The company filed for chapter 11 protection in Delaware, and plans to continue to operate as it reorganizes its debt.
