Hollister Construction Services, LLC, a once-thriving construction firm ranked among the top 50 in the country, has filed for Chapter 11 bankruptcy protection in New Jersey. This decision sheds light on the harsh realities and economic challenges that even major players in the construction industry are facing today.
Known for its work on high-profile projects like the Newark Museum’s renovation and the Newark Collegiate Academy, Hollister has been struggling with rising costs, supply chain issues, and project delays. These factors have finally led the company to seek Chapter 11 protection, allowing it time to reorganize its debts while still operating.
The decision to file for bankruptcy speaks volumes about the severe financial pressures that construction firms are under. Chapter 11 gives Hollister the chance to work with creditors and come up with a plan to stabilize its financial footing. The support of the company’s lender and bonding company will be crucial to help the firm navigate this challenging period.
This filing isn’t just a blow for Hollister; it’s a stark reminder of the larger issues within the construction industry.
CCA Construction Files Chapter 11 in New Jersey
🚨 BANKRUPTCY FILING ALERT 🚨
CCA Construction, Inc.
Chapter 11 – District of New Jersey
Filed: December 22, 2024
Case No. 24-22548📊 Assets: $100M-$500M | Liabilities: $1B-$10B | Total Creditors: 1-49 | Industry: Nonresidential… pic.twitter.com/FqukVIE0BE
— RK | Consultants (@_RKConsultants) December 22, 2024
Sources:
https://thenewarktimes.com/hollister-construction-services-llc-files-chapter-eleven-protection/
https://hbsdealer.com/news/big-box-construction-firm-files-chapter-11