CHICAGO (WBBM) -- Neumann Homes - one of the Chicago area's biggest homebuilders - is set to file for Chapter 11 bankruptcy protection company officials said Monday evening.
The padlocks went on sales offices today.
Neumann Homes CEO Kenneth Neumann released a statement just before 5 p.m. that says, in part, that Neumann has "been unable to procure adequate funding to operate their business."
Neumann's statement says - quote - "The significant downturn in the Detroit, Chicago and Denver housing markets resulted in this situation."
The statement from Neumann says it laid off "the majority of its employees and closed all of its sales, production and consumer service offices. For customers who have purchased homes that have not yet started construction, the company has escrowed their earnest money and" plans to refund it.
Where construction has started but is not finished, the Neumann statement says it is "working with its lenders."
President Obama's Weekly Address President Obama honors the heroism of those at Fort Hood by paying tribute to those who were killed, those who were wounded and those who extended a helping hand.
Republican Response to Weekly Address In the Weekly Republican Address, Governor Haley Barbour (R-MS) reflects on this week's elections in New Jersey and Virginia, and discusses why he thinks independents showed overwhelming support for the Republican Party.
Oprah Winfrey moving her show from Chicago? Veteran Entertainment Journalist and LA Weekly Hollywood, Nikki Finke joins Kris and Sherman during the WBBM Noon Business Hour to discuss the possibility of Oprah Winfrey moving her show from Chicago to Los Angles.
WBBM-AM 780 has been the consistent all news radio voice in Chicagoland for over 35 years and is now streaming online for free. Listen online to Chicago news as it happens around the clock, along with Chicago traffic, Chicago weather, Chicago sports and Chicago business. Subscribe to WBBM's free podcasts for additional Chicago business and Chicago community reports and listen to Chicago news on demand. WBBM news radio is also the home for Chicago Bears, Chicago Auto Show and Chicago Air & Water Show. www.wbbm780.com