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Legacy Homes - Michigan home builder
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2008-09-23
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stories: mlive.com
Grand Rapids, Michigan-based home builder Legacy Homes has "closed its doors" according to an article at mlive.com:
The shuttering of the company, 1971 East Beltline Ave. NE, leaves some homeowners facing liens on their property by unpaid subcontractors. ...
Wassenaar said the company started as M&W Construction with his grandfather in 1978 and then his father joined.
"We've tried everything that we can," he said. "I definitely wanted to continue. It wasn't a choice that we made without a lot of thought and advice from CPAs and legal advice, as well."
Some six people lost their jobs as a result of the 30-year-old company shutting down. The article goes on to note that the closure "means home warranties will not be honored by Legacy."
Legacy Homes' website is homesbylegacy.com.
We are classifying Legacy as a "tiny" implosion. If anyone can provide additional information as to their peak size (i.e. homes built, employees), please leave 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.