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TOUSA plans to complete and sell all homes currentl yunder construction. Moody said the new compangy will beprivately held, locallyy owned and financed. “Our management team has over 70 combined experience,” he said. The new company plans to buil 60 homes ranging in pricefrom $160,000 to more than $600,00 0 in the first 60 days of which will officially begin June 15. Moodh said 55 employees of TOUSA will remaij with the new company aftet TOUSA winds down its localbusinesa operations. TOUSA’s predecessor company was founded in Houston in 1983 as and completedx an initial public offering inMarcjh 1998. In December 1999, TOUSA Inc.
acquiredx 80 percent of Newmark’s stock. TOUSA Inc. also acquirefd 100 percent of then-publidc in November 2000. On June 25, 2002, Englee merged with Newmark, and the mergec company changed its name toTOUSzA Inc. In March, Hollywood, Fla.-based TOUSA (Pink TOUSQ) told the it planned to lay off 156 peopld in the Houston area from its Newmark Homesw brand beginning May 22 due to the downturnj in thehousing market.
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