Printer Friendly

HOLLAND CONSTRUCTION COMPANY ANNOUNCES THAT IT'S GOING OUT OF BUSINESS

 ST. JOSEPH, Mich., Nov. 30 ~PRNewswire~ -- The following was released by Holland Construction Company:
 Holland Construction Company, a general contractor which has been in business in St. Joseph for 33 years, is going out of business after it finishes the balance of its existing projects. The company, which has completed numerous major projects in southwestern Michigan and employs up to 70 people, suffered serious financial reverses as a result of the default of a subcontractor on two large projects.
 On the recently completed renovation of the Mendel Center for the Arts at Lake Michigan College, Benton Harbor, Mich., Holland was required to take over and complete the subcontractor's work, suffering a huge loss as a result, even though Holland required its subcontractor to provide a performance bond. The bonding company, Transamerica Insurance Company, declined to finish its subcontractor's work and since has offered to pay Holland only a small percentage of the loss caused by the subcontractor, bonded by Transamerica.
 The subcontractor's bond was guaranteed by the U.S. Small Business Administration. Despite the fact that the effect of non-payment is to contribute to putting Holland, a small business, out of business, and to cost jobs, the S.B.A., created to assist small business and the creation of jobs, has declined to act. Holland has sought the assistance of Rep. Fred Upton but his office has stated that it is powerless to assist despite the negative impact on the local economy of the loss of a business and its related jobs.
 Holland Construction Company was founded by Curly Holland, its current chairman of the board, in 1959. Mr. Holland, 78 years old, stated that he is deeply disappointed at having to close the company and is concerned about the future of his employees in a slow economy.
 -0- 11~30~92
 ~CONTACT: Jerry Levi of Holland Construction Company, 616-983-6565~


CO: Holland Construction Company ST: Michigan IN: CST SU:

JG -- DE002 -- 4007 11~30~92 08:08 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 30, 1992
Words:328
Previous Article:MCV SETTLEMENT AGREEMENT CHALLENGED
Next Article:SIX HOTELS AND RESTAURANTS NEW TO EXCLUSIVE LIST OF 1993 AAA FIVE DIAMOND ESTABLISHMENTS
Topics:


Related Articles
UNITED DOMINION REPORTS FIRST-QUARTER BREAKEVEN RESULTS
UNITED DOMINION REALIGNS MANAGEMENT;VESTS MORE AUTONOMY IN OPERATING UNITS
UNITED DOMINION TO SELL DOMINION BRIDGE
UNITED DOMINION TO SELL CONSTRUCTION SERVICE UNITS
Turner Construction Company Expands Interiors Group to Nine Offices Nationwide.
Top level changes at W&M Construction.
ACC Construction: where tradition meets the future.
Capitalize on building boom by planning for the future.
Interior construction market hotter than ever in NYC.
Pantheon Properties, Oculus Builders form partnership.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters