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Robert Harris Homes - residential home builder (GA and FL)

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2008-07-01

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stories: ajc.com, ajc.com

Implosion, 2008-07-02

Yesterday Robert Harris officially announced the shutdown of his company, which we (and most observers probably) expected after the sales staff was dismissed last week. From the AJC:

Robert Harris, founder of Robert Harris Homes, says in a letter to employees that the home builder had to shut down after efforts to restructure its debt failed.

"We are at an impasse on these negotiations and will seek other avenues of restructuring," Harris' letter says.

The letter went out July 1st.

It appears there is an implied intent to attempt to start up again at some point if restructuring is successful, but due to the open-endedness and uncertainty, we consider Robert Harris Homes an "implode". Good luck to everyone who is/was associated with this builder.

Ailing article, 2008-06-27

According to the AJC, Robert Harris Homes of Woodstock, GA has laid off its entire sales staff:

"I got an e-mail to pack up my stuff and leave," said Don Silverberg, a broker at the Arbor Walk subdivision in Acworth, one of about 18 local communities where Robert Harris Homes has built houses. "I'm going to take a little vacation and decide what to do." ...

Management at Robert Harris Homes did not return phone calls Friday. A phone answering service in Texas said Robert Harris Homes employees there were suspended Thursday. The Florida office has a recording directing questions to Dustin Lough, a director with CRG Partners Group, a turnaround company with an office in Atlanta. Lough did not returns calls.

The article goes on to say that the builder has failed to pay contractors this year, leading to work stoppages. More background on the company is below:

Robert Harris Homes was founded in 1994 and grew to be the nation's 135th biggest residential builder last year, according to builderonline.com. Its closings in 2007 numbered 337, down 15 percent from the year before, builderonline says.

Robert Harris Homes says on its Web site that Builder Magazine recognized the company in 2004 as one of the fastest-growing home builders. Prior to starting his Georgia business, founder Robert Harris had built more than 1,000 homes on the west coast of Florida, the company says.

No statement from the company was provided regarding their plans to stay afloat (or otherwise), though dismissing the sales staff suggests and intent to wind down. If you know more, please contact us.

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Comments:

Justin at 12:16 2008-07-06 said:
test post Permalink
LastDraw at 22:31 2009-01-15 said:
Any update on RHH? They "closed the doors", and most lenders have foreclosed, but did not BK..-yet? Permalink

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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.