According to the Phoenix Business Journal, Fulton Homes has filed Chapter 11 bankruptcy:
It is confirmed,” said Rosaria Glasco of Knoodle Shop, the home builder’s public relations firm. “Fulton Homes Corp. filed for Chapter 11 protection today this morning. This does not affect home warranties or customer service.”
The expectation is that they will continue to do business as they restructure.
This filing follows several other builders going either Chapter 11 like Woodside Homes or Chapter 7 as Classic Stellar Homes recently did.
Fulton has recently been running an ad campaign trying to combat the impact of bank owned home sales on their business.
1/29/09 Update: According to a Fulton Homes press release, the customer care and warranty operations under Fulton Homes Sales Corporation are not involved in the bankruptcy filing.
…Fulton Homes Sales Corporation, which oversees and manages all sales and marketing functions, including customer care and home warranties, has not filed. Fulton Homes Corporation handles land and acquisition duties for the homebuilder.
“There will be no change in customer service or in our ability to stand behind our warranties,” said CEO Douglas Fulton. “We built this company on the customer and it will stay that way.”
2/11/09 Update: Here’s an update on bankruptcy court proceedings from AZcentral.com. Fulton can continue to do business while arguing it’s case with their creditors.
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