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Kennedy Homes - Home Builder

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2008-02-18

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stories: dailyherald.com, chicagotribune.com

Chicago's Daily Herald has reported that the "South Barrington-based Kennedy Homes confirmed Monday it laid off 20 of its 32 employees on Friday and said it is unsure of its ability to start new home construction on undeveloped land." Kennedy Homes' website is now "under construction" (kennedyhomebuilders.com).

Regarding the size of the Illinois / Wisconsin home builder, the article notes:

Cross estimates Kennedy Homes has been building about 150 homes a year in Northern Illinois and Wisconsin.

Kennedy Homes generated $214 million in sales in 2006 and was the area's 11th largest home builder, according to a listing of developers by Crain's Chicago Business.

Subsequent to the above report, the Chicago Tribune has reported that Kennedy Homes is suing their bank, Harris Bank, a subsidiary of the Bank of Montreal. Kennedy Homes alleges that accounting errors by Harris Bank resulted in Kennedy overdrawing their account by some $11 million.

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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.