Kimball Hill Homes, based in the Chicago Suburb of Rolling Meadows IL, became the latest casualty of the sharp drop in new home sales nationally. The company filed for Chapter 11 Bankruptcy Protection here in Chicago this past week.
President and Chief Executive Officer Ken Lovesays he has begun negotiations with possible investors, and hopes to have a restructuring plan in place within the next 90 days. In the interim, Love says, his company will continue to "sell, build, and deliver homes without interruption."
The builder is currently marketing over a dozen communities in suburban Chicago, as well as in several other states. It has recently pulled operations out of Florida, Wisconsin, and Ohiodue to unprofitably.
In one of their Chicago-area communities, Regency Oaks in the Chicago Suburb of Bartlett IL, our Team research indicates they are selling their remaining unbuilt homes and spec homes at a deep discount. Nationally, the company has been hurt by a steep falloff in sales, and many cancelled contracts. The builder contends they have lost $220 Million in the past year.
Please read our post via BlogChicagoHomes.com today for more info, as well as links to a Chicago Tribune Story yesterday by reporter Robert Manor.
DEAN & DEAN'S TEAM CHICAGO
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