Current news for this company:
Caruso Homes - upscale residential builder
Caruso Homes, MD/DC/VA-based builder of upscale homes, has entered chapter 11 bankruptcy. The credit crunch and housing bear market are blamed, unsurprisingly. A Baltimore Sun article has details:
As for the scale of the company, the article gives at least $100 million in annual revenues as a recent figure.
Caruso plans to keep operating through and after restructuring.
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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.