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C.V. Perry - Residential

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2007-11-02

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stories: dispatch.com, dispatch.com, columbusdispatch.com

Update 2007-04-03:

The Columbus Dispatch has provided us with this update regarding the liquidation of C.V. Perry's assets:

Fifty C.V. Perry & Co. homes will be sold Friday morning, according to the receiver for the failed custom homebuilder.

Martin Management Services will offer condos, single-family homes and land with opening bids ranging from about $66,000 to more than $1.6 million. The sale begins at 10 a.m. at the German Village Meeting Haus, 588 S. Third St.

A.C. Strip, a lawyer working with the receiver, said a future sale will include 40 properties from the homebuilder’s inventory.

Original Posting:

Some sixty years after being founded by Carlyle Perry Sr. in 1947 and going on to being run by both Sr. and son, Carlyle Jr., C.V. Perry "has gone out of business", according to The Columbus Dispatch. Both father and son died within weeks of each other back in 2004, and the business, which went on to be operated by a trust, never recovered.

Per The Dispatch:

The company shut down operations yesterday, said Tom Hart, a lawyer brought on this year by C.V. Perry to help settle debts. C.V. Perry encountered financial problems three years after the deaths of founder Carlyle V. Perry Sr. and his son Carlyle V. Perry Jr., who ran the company for years.

"It's a difficult, sad day in general because they've been a stalwart in the community for 60 years," said Jim Hilz, executive director of the Building Industry Association of Central Ohio. "Carlyle Perry Sr. and Jr. were both icons in the industry.

Only a few months prior to the writing of this article, the Dispatch had an article on C.V. Perry titled, Homebuilder C.V. Perry says it's in business to stay. That article had described how C.V. Perry had recently hired a new CEO, Terry Andrews, to replace the trust as operating manager.

Regarding Andrews attempts at getting C.V. Perry back on track, The Dispatch notes:

In [a company-wide memo], [Andrews] acknowledged that running the company through the trust had been "a very difficult and restrictive format." He also said the company would make some changes because of the "current unpredictable and challenging housing market."

"As a result, I would ask for some continued patience for my staff and myself during this time of transition," the letter read in part.

...

Andrews said C.V. Perry plans to build 30 to 50 homes per year. He said the company wants to de-emphasize home remodeling, a business it had gotten into recently.

If you have any further information on C.V. Perry's closure, please let us know.

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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.