Business buzz -- CDI sold?
Rumors are flying about sale of a major Little Rock construction company, or at least a portion of it, and a possible pullback from Northwest Arkansas, which is in the midst of a real estate shakeout, by another LR firm. We checked. The reports so far:
A spokesman in the CDI Contractors office said today that a sale is in process. No other information was immediately available, though rumors say an out-of-state company has made a successful bid. Dillard Department Stores announced in April it was seeking a buyer for its 50 percent stake in the national company based in Little Rock. The future of CDI’s corporate structure has been the subject of news stories since the death of its founder and CEO Bill Clark last year. In January, its CFO, John Glasgow, disappeared.
Also: Despite rumors to the contrary, May Construction Co.’s office in Bentonville is “absolutely, positively not closed,” Northwest Arkansas director Bill Gandy said Tuesday, though he is now working in Little Rock for the time being.
Comments
The son-in-law of my neighbor at the lake is a home builder in Bentonville. Well, he WAS one. Hasn't built a house in two years. Says there are well over 6,500 unsold houses in Benton and Washington counties, alone. Many of 'em brand new. Just sitting there under the sky. The builders can't move 'em and are paying huge bucks in interest every month. He also said there are so many vacant residential building lots in the two counties that it will take eight or nine years to get 'em sold and off the books. Is the NWA boom over? Let's hope not. It's been good for the state.
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July 1, 2008 02:46 PM