|That's the way the New Town crumbles.|
The fifth-largest homebuilder in the St. Louis region has filed for bankruptcy.
St. Charles-based Whittaker Homes
filed Chapter 11 bankruptcy last week. The company, headed by Greg Whittaker
, is perhaps best known for its massive new-urbanist development -- New Town
-- in St. Charles.
According to the St. Louis Business Journal
, revenue at Whittaker Homes has declined sharply in recent years from $93.3 million in 2006, to $29.2 million in 2008. In 2007 the builder downsized its work force from 288 employees 150.
In a statement, Greg Whittaker suggested that changes to the credit market negatively impacted the company. As recently as August, Whittaker was optimistic for a turnaround, saying on the company website that increased sales in July boded well for the future.
"I think the home-buying public is regaining their confidence and realizing that there are some great buying opportunities out there," stated Whittaker at the time.
Whittaker's New Town development was the subject of an 2007 RFT feature. Read it here