One of Twin Cities' top homebuilders Rottlund Homes to close by end of December, working to liquidate assets; company has already sold Iowa division, most of its Florida assets
November 18, 2011
– Rottlund Homes has announced it will be closing by the end of December and is currently working on liquidating its assets, the Business Journal reported Nov. 17.
Steven Kahn, the company’s CFO said Rottlund will finish the 20 homes currently under construction by the end of 2011, and will sell its land and remaining homes.
Rottlund has already sold its Iowa division as well as the majority of its Florida office assets.
According to the Builders Association of the Twin Cities, the company closed on 190 homes last year and reported US$38.2 million in sales, compared with 512 home closures and $130 million in sales in 2007, the article noted.
Rottlund, which was founded in 1973, has been one of the top homebuilders in the Twin Cities area for almost 40 years.
The primary source of this article is Minneapolis/St. Paul Business Journal, Minneapolis, on Nov. 17, 2011.