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A blog about the economy and the Sacramento-area real estate market.

August 28, 2008
Another capital-area builder headed toward bankruptcy
Utah-based Woodside Homes is the newest capital-area builder headed toward Chapter 11 bankruptcy. The firm ranks 15th among Sacramento-area builders for its 77 sales so far this year. That's from Hanley Wood Market Intelligence.

 Woodside has eight projects in Elk Grove, Sacramento, Rancho Cordova and Marysville. The Sacramento division's project manager Brian Cuttings said today, "We are definitely still here and definitely still operating."
He referred to the the company's new spokeswoman, Jennifer Mercer, who sent the following statement:

"Woodside will continue to operate in the normal course of business up to, and beyond September 16. All employee wage and benefit programs will continue uninterrupted as will customer programs. Additionally, the company has been proactive with its subcontractors updating them daily as to the status of these proceedings. Transparency to our employees,
customer, and subcontractors and vendors is a priority as Woodside considers them partners."

We'll have a story in tomorrow's Bee. In meantime here is a report from Big Builder Magazine.

Woodside made news in The Sacramento Bee last April fora huge deal with SMUD to build almost 1,500 solar-powered homes in Rancho Cordova by 2012. Both parties aren't sure at the moment what will happen now.

 Image: Woodside Homes

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