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

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TOUSA plans to complete and sell all homes currentlyundedr construction. Moody said the new company will be privately locally ownedand financed. “Oud management team has over 70 combined experience,” he said. The new company plans to builf 60 homes ranging in pricefrom $160,000 to more than $600,0000 in the first 60 days of operation, which will officially begi June 15. Moody said 55 employees of TOUSz will remain with the new companyg after TOUSA winds down its localbusineses operations. TOUSA’s predecessor company was founded in Houstonn in 1983 as and completed an initialp public offering inMarch 1998. In December 1999, TOUSsA Inc.
acquired 80 percent of Newmark’s stock. TOUSA Inc. also acquired 100 percengt of then-public in November 2000. On June 25, Engle merged with Newmark, and the merged company changedc its name toTOUSA Inc. In March, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it planned to lay off 156 peoplr in the Houston area from its Newmark Homesa brand beginning May 22 due to the downturhn in thehousing market.