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Reeves Williams - Home builder

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2008-06-10

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stories: commercialappeal.com, myeyewitnessnews.com

Update - 2008-06-10:

We're getting additional reports indicating further that Reeves Williams may be in trouble. While we vet these out, we've been directed to a recent article published at commercialappeal.com. Per the article:

Office doors were also locked in Franklin Farms, the company's only remaining subdivision in Shelby County. There are 75 lots and five completed houses in the subdivision near the intersection of U.S. 64 and Houston Levee in Cordova. ...

"We have suspended sales on the subdivision as well as the Mississippi subdivisions pending a decision on how to sell these homes in the future," he said. "In addition, we have closed down our Web site as sales leads have slowed to a trickle, and this was no longer a necessary expense."

Closing the sales offices is the result of 18 months of downsizing "to meet the level of sales in the marketplace."

Original post - 2008-05-20:

According to myeyewitnessnews.com, Mississippi Homebuilder Reeves Williams, a subsidiary of Kalian Companies, is "closing all of its sales offices and selling some of its properties".

A spokesman for the company, Doug Heppe, as stated that Reeves Williams has no plans to file for bankruptcy. We'll be keeping an eye out to see if anything further develops.

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Important: Ailing Builders haven't shut down, but they've suffered significant valuation declines, temporarily halted redemptions, or faced other major business hurdles. Builders on watch may not even have unusual declines relative to peers, but may be posted if it is felt there may be risk of developing a more serious condition in the near future.