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Tailor Made Homes - Wisconsin Home Builder
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2008-08-15
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stories: bizjournals.com
Pewaukee-based Tailor Made Homes (website: tmhwi.com) has filed for Chapter 7 bankruptcy protection according to a Milwaukee Business Journal article. According to the publicly available snippet from the MBJ:
The filing comes one year after Koob was one of the featured contractors in the Metropolitan Builders Association's 2007 Parade of Homes. It also comes as he is being named in a growing batch of liens and lawsuits filed by suppliers and subcontractors contending they are owed money.
Koob's Chapter 7 petition for Tailor Made Homes listed assets, including four unsold homes, totaling $2.8 million and liabilities of a little more than $3 million. Included on that list are subcontractors and suppliers who filed a total of 25 liens and lawsuits against Koob through this week.
Based on Tailor Made Homes' diminuitive operations, we are listing them as a "tiny" implosion. If anyone can provide additional information regarding TMH's size at peak or numbers regarding closings/employees, please 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.