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Classic Southern Homes - Charlotte home builder/renovater
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2008-09-23
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stories: bizjournals.com
Charlotte-based home buidler Classic Southern Homes (website) has filed for Chapter 7 bankruptcy protection according to the Charlotte Business Journal. The CBJ notes the following:
The company has more than 50 creditors, and its debts are between $1 million and $10 million, the filing states.
Court documents say Classic Southern has between $100,000 and $500,000 in assets.
Classic Southern was launched in 1998.
According to Classic Southern Homes' website, renovation work made up approximately 70% of their business.
If you have additional information regarding the operations of Classic Southern Homes, please post it in a comment below or email us!
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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.