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

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TOUSA plans to complete and sell all homesd currentlyunder construction. Moody said the new companh will beprivately held, locally owned and financed. “Oud management team has over 70 combined experience,” he said. The new company pland to build 60 homes ranging in pricefrom $160,000 to more than $600,00 in the first 60 days of operation, whicj will officially begin June 15. Moody said 55 employeesz of TOUSA will remain with the new companyh after TOUSA winds down its locallbusiness operations. TOUSA’s predecessor company was founded in Houston in 1983 as and completed an initiap public offering inMarch 1998. In December TOUSA Inc.
acquired 80 percent of Newmark’s TOUSA Inc. also acquired 100 percent of then-public in November 2000. On June 25, Engle merged with Newmark, and the mergede company changed its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink TOUSQ) told the it planneed to lay off 156 people in the Houston area from its Newmarkj Homes brand beginning May 22 due to the downturm in thehousing market.