Current news for this company:
John Kavanagh Homes - NC Triad home builder
The Business Journal of the Greater Triad Area has reported that North Carolina-based John Kavanagh Co., a 23-year-old home building company, will be closing "by April." Per the article:
The article goes on to note that Kavanagh Homes last broke even in 2007, when it sold some 160 homes. However, the company was only able to sell 90 homes in 2008, which was not enough to sustain the business. The company once closed on as many as 300 house in a year, employing some 50 people. As of the time of the Business Journal writing, only four employees were left closing up shop.
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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.