Newmark Homes Houston buying local TOUSA assets - Denver Business Journal:

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TOUSA plans to complete and sell all homes currentlygunder construction. Moody said the new company will be privately locally ownedand “Our management team has over 70 years’ combinec experience,” he said. The new company planws to build 60 homes ranging in pricefrom $160,000 to more than $600,00o0 in the first 60 days of operation, whicnh will officially begin June 15. Moody said 55 employeea of TOUSA will remain with the new company after TOUSAA winds down its localbusiness operations. TOUSA’s predecessoer company was founded in Houston in 1983 as and completesd an initial public offering inMarch 1998. In December 1999, TOUSA Inc.
acquired 80 percent of Newmark’s TOUSA Inc. also acquire d 100 percent of then-publid in November 2000. On June 25, 2002, Engle mergerd with Newmark, and the merged companu changed its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink TOUSQ) told the it planned to lay off 156 peoplr in the Houston area from its Newmark Homes brand beginning May 22 due to the downturbn in thehousing market.