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Choice Homes suspends operations
Choice Homes on Tuesday informed its employees and vendors of the company’s decision. Couture said in a prepared statement that his firm is “faced with the escalating downturn in the housing market, the likelihood of a deep prolonged recession and very difficult credit markets.” “This was not an easy decision, but faced with the unprecedented market conditions we have decided on this course of action,” he said. “It is our intent to satisfy our obligations to our subcontractors and suppliers and to work closely with our secured creditors to maximize the proceeds from the sale of the assets of Choice Homes."
Choice Homes suspends operations
By STEVE BROWN / The Dallas Morning News
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Choice Homes, which has been in business for 21 years, is the latest in a string of local builders forced to shut down because of the lack of lending. Choice Homes, which has been in business for 21 years, is the latest in a string of local builders forced to shut down because of the lack of lending.
“We are still talking with our lenders but the likelihood is we will be winding down our operations,” Choice Homes president Daniel Couture said Wednesday morning. “We are not filing Chapter 11” bankruptcy protection.
Choice Homes on Tuesday informed its employees and vendors of the company’s decision. Couture said in a prepared statement that his firm is “faced with the escalating downturn in the housing market, the likelihood of a deep prolonged recession and very difficult credit markets.”
“This was not an easy decision, but faced with the unprecedented market conditions we have decided on this course of action,” he said. “It is our intent to satisfy our obligations to our subcontractors and suppliers and to work closely with our secured creditors to maximize the proceeds from the sale of the assets of Choice Homes."
The company said that it will refund deposits for all customers who have purchased homes and that it has paid all of its contractors.
Choice is the largest North Texas builder to decide to halt operations because of the current financial malaise. The company has built about 39,000 homes since it started in business.
The company builds in North Texas and the Houston area and sells houses starting at less than $150,000 in the D-FW area.
Homebuilders and real estate developers have been cut off from funding for new projects and have laid off hundreds of workers this year. |
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