Current news for this company:
Levitt and Sons - Residential Home Builder
On Friday Levitt filed to liquidate the company, dashing hopes for a reorg. The Sun-Sentinel has more:
From this article comes a suitable introduction to Levitt, a storied company of over 60 years:
Levitt and Sons, based in Fort Lauderdale, was one of the largest home builders in the Southeast and the developer of one of America's first suburbs, New York's Levittown.
In an inglorious end, Levitt filed for Chapter 11 protection on Nov. 9, 2007, done in by the housing market decline. It listed assets of $411 million and liabilities of about $499 million. Major creditors include Wachovia, Key Bank, Regions Bank, AmTrust, and Bank of America, which together are owed $233.7 million by the builder.
Levitt's gross revenue for 2005 was $505 million, according to BuilderOnline.
The company which, by many accounts, created the modern suburban subdivision, and which had weathered so many housing bear markets, couldn't take this one. Perhaps then it is fitting Levitt has gone to sleep permanently—a fate the sprawled suburb itself may repeat, as gas and oil prices continue to rise relentlessly.
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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.