Home-Link's cashed out
November 22, 2002
Shortage of funds opens door to bankruptcy court
Inman News Features
Home-Link Services today filed for Chapter 11 bankruptcy in New Haven, Conn.
The company said in a statement it was experiencing a cash flow shortage, which management attributed to "the weak general economy. "
Home-Link CEO Bob Albus said, "This was a most difficult decision, but the challenges presented by the general economy and the investment marketplace were not surmountable as we had been structured."
The company will consolidate operations while seeking refinancing. Albus will continue as president and CEO.
A small number of employees will stay on board to plan and implement the reorganization, ensure that outstanding current member orders for goods or services from vendors are completed and serve brokers whose members' activities are maintained by Home-Link's systems, according to the company.
Home-Link's service is primarily offered by real estate brokerages to people buying or selling homes to provide guided access to the goods and services associated with real estate, transactions, moving and establishing homeownership.
Copyright: Inman News Service
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