In 2004, Pierce Homes of Carolina spent $6.3 million to secure six land parcels in North Carolina's Piedmont Triad, a move that company executives believed secured a solid growth trajectory for the Greensboro-based company. At the time, company vice president Brian Pierce told the The Business Journal of the greater Triad area, "This will give us the confidence that our business will have the longevity it needs for the next five to six years."
However, just shy of four years later, the company is closing its doors. On Tuesday, Aug. 5, Pierce released a written statement to the local media:
"After 26 years of successful operation, Pierce Homes has made the decision to close its doors. This difficult decision comes as a direct result of the ongoing crisis in the housing and financial industries.
"The management would like to express our sincere thanks to our dedicated employees, our vendors, and the thousands who have trusted our company to build their homes in the Triad. We are currently working with our banks and attorneys through the liquidation process. Thus, we are not in a position to comment further regarding this matter."
According to research by the local business journal, the company closed 240 homes in 2006. At the time of publication, the company's Web site was no longer functioning, rendering a confirmed list of active communities unavailable. However, the third-party site iNest indicated that the company had 12 actively selling communities, offering both condominiums and traditional single-family detached homes, at the time of the announcement.
Click here for a local news report on the company's troubles, including interviews with Pierce homeowners.
Learn more about markets featured in this article: Greensboro, NC.