Embattled builder Levitt and Sons notified the state of Florida that it is laying off 158 construction employees in Fort Lauderdale by the end of the year. The layoffs come less than a week after the historic builder received four default notices totaling more than $300 million from two of its lenders.
In September, the builder slashed its payroll by 200 employees, and two weeks ago the company temporarily halted all projects as it tries to renegotiate its massive debt. The builder's parent company, the Levitt Corp., has repeatedly said that it would no longer funnel money to the company unless it obtains restructuring agreements from its lenders.
Levitt and Sons is best known for Levittown, a community developed for returning World War II soldiers and their families and has built over 200,000 homes throughout the U.S., Canada, Puerto Rico, and Europe. The company currently builds in Florida, Georgia, South Carolina, and Tennessee.
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