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Kirk Corporation - Chicagoland residential builder

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2009-05-14

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stories: chicagotribune.com, prnewswire.com, dailyherald.com, nwherald.com

Chicagoland (exclusively) builder Kirk Corporation has voluntarily filed Chapter 11 bankruptcy. The usual reasons were cited. The company plans to continue work on developments that are already in progress.

As per the company's press release, Kirk has been in operation since 1978 and has built over 50 communities in the Chicago region. As far as the recent scale of their operations, the Tribune reports:

Last year, Kirk's gross revenue totaled $24.7 million as it built 78 homes. That compares with homes sales and gross revenues of 328 homes and $113.3 million in 2006 and 305 homes and $106 million in 2007.

This puts them comfortably above our 250-units-at-peak status for "major", despite their regional-only status. Chicago, of course, is a big region.

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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.