Newmark Homes Houston buying local TOUSA assets - Atlanta Business Chronicle:

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TOUSA plans to complete and sell all homes currentlyunder construction. Moody said the new companh will beprivately held, locally owned and “Our management team has over 70 combined experience,” he The new company plans to builds 60 homes ranging in price from $160,000 to more than $600,00o0 in the first 60 days of which will officially begibn June 15. Moody said 55 employees of TOUSAz will remain with the new compangy after TOUSA winds down its localbusiness operations. TOUSA’s predecessor company was founded in Houston in 1983 as and completerd an initial public offering inMarcj 1998. In December 1999, TOUSA Inc. acquired 80 percen of Newmark’s stock.
TOUSA Inc. also acquiredr 100 percent of then-public in Novemberr 2000. On June 25, 2002, Engle merged with Newmark, and the mergesd company changed its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink Sheets: told the it plannerd to lay off 156 people in the Houston area from its Newmarkm Homes brand beginning May 22 due to the downturn in thehousintg market.