Newmark Homes Houston buying local TOUSA assets - San Antonio Business Journal:

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TOUSA plans to complete and sell all homews currentlyunder construction. Mood said the new company will beprivatelgy held, locally owned and financed. “Our management team has over 70 combined experience,” he said. The new company plans to build 60 homese ranging in pricefrom $160,000 to more than $600,00p0 in the first 60 days of which will officially begin June 15. Moody said 55 employeew of TOUSA will remain with the new company after TOUSA winds down its localbusinesz operations. TOUSA’s predecessor company was founded in Houston in 1983 as and completedr an initial public offering inMarch 1998. In December TOUSA Inc. acquired 80 percent of Newmark’sx stock.
TOUSA Inc. also acquired 100 percenyt of then-public in November 2000. On June 25, Engle merged with Newmark, and the merged company changed its name toTOUSA Inc. In March, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it planned to lay off 156 people in the Houston area from its Newmark Homeas brand beginning May 22 due to the downturn in thehousintg market.