Cardinal Homes to be sold
Published 12:31 pm Wednesday, February 12, 2020
Cardinal Homes Inc., a modular home construction company located in Wylliesburg, will be sold this week and the company’s CEO says it will begin hiring additional workers at the end of the month.
An auction was set to be held Monday, Feb. 10, with the finalized sale scheduled for Thursday, Feb. 13.
The company, which employees 60 people, filed a voluntary petition for Chapter 11 bankruptcy protection Dec. 2.
According to Cardinal Homes CEO, Bret Berneche, the company has received an offer from a financially sound entity to purchase all of Cardinal’s assets with the intention of continuing to operate the business.
“The prospective buyer has provided substantial financing to enable Cardinal to continue operating during the bankruptcy case,” Berneche said.
Other prospective buyers have expressed an interest in Cardinal Homes as well. Therefore, the auction must be held as part of the bankruptcy proceeding.
Due to the proceedings, Berneche could not go into details about the other buyers.
Berneche said once the sale is completed, the company plans to begin hiring employees the end of February.
“We are looking to hire an additional 300 people over the next couple of years,” Berneche said.
Currently, Cardinal Homes employs 60 people, and according to Berneche before the recession of 2008, the company employed 266.
Charlotte County Administrator Daniel “Dan” Witt said he was optimistic about the company.
“Cardinal Homes has been an important part of Charlotte County for many years by providing jobs and the homes they built,” Witt said. “I am optimistic that the plan being worked on through the Chapter 11 case will be successful and allow Cardinal Homes to once again be a successful business.”