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2008-06-19

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stories: nwsource.com

The Seattle Times reports that Barclays North is closing up shop on July 4th. The article notes that at peak, Barclays North had sales revenue of $45 million. Per the article:

At least one of McCourt's ventures did seek Chapter 11 protection from creditors last week. A real-estate project in Caldwell, Idaho, managed by McCourt, filed in U.S. Bankruptcy Court in Seattle, claiming both assets and liabilities exceeding $10 million.

Barclays North once controlled thousands of lots in Washington, Oregon, Arizona, Idaho, Nevada, Texas and South Carolina and had sales of $45.5 million in 2004, according to its Web site. It established more than 150 distinct entities for different projects, with creditors spread from Ohio to Hawaii, court records show.

The article goes on to note that the company continues to hold a 275-unit condo building in downtown Vegas.

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.