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The Wizard
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Joined: 22 Feb 2008
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Regency Homes lays-off 103 employees
PostPosted: Fri Apr 25, 2008 11:34 pm Reply with quoteBack to top

Iowa's largest homebuilder, Regency Homes Inc., laid off all its employees except for top management in its homebuilding and land development companies Friday.

A letter addressed to friends and partners of the West Des Moines-based privately held company said employees were told Friday afternoon of "deep layoffs."

The company said it is working with financial advisors and legal counsel on the issue of vendor payments and other cash obligations "that our current situation does not allow us to fulfill."

"We do believe that our equity outweighs our current obligations," said the letter, which was obtained by The Associated Press.

Approximately 103 workers were laid off.

The company has been struggling for months and laid off 26 workers in January as the housing industry slump hurt homes sales.

Then, company officials said the home building business had shrunk by about 40 people -- nearly half -- over the past two years.

The company reported in January that it expected to sell 550 houses this year, a 43 percent decline from the high of 2005 when 1,000 homes were sold, a record for any single home builder in the state.

Regency was founded in 1986 by Michael R. Myers and Richard D. Moffitt, who joined their individual building and carpentry companies into one company. It has grown into a diverse company with land development, apartment management and commercial services divisions.

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The Wizard
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Joined: 22 Feb 2008
Posts: 114

Re: Regency Homes lays-off 103 employees
PostPosted: Sun May 18, 2008 1:34 pm Reply with quoteBack to top

Quote:
DES MOINES, Iowa (AP) -- More than 2,100 liens have been filed against Regency Homes and its subsidiaries in Dallas, Polk and Warren counties, according to a report.

The number of liens, known as mechanic's liens, includes properties tied to subsidiaries and limited partnerships run by Regency, formerly Iowa's largest home builder. Such liens are filed in civil court against properties to force payment for labor, services or materials used in real estate construction.

The listing of liens was gathered by Conlin Properties, which manages many Regency properties.

"It's character-building time," said Jim Conlin, president of the property management firm. "We're all involved in a credit crisis that's larger than all of us. We're in uncharted waters now."

http://www.siouxcityjournal.co.....63e5ae.txt

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