Hallmark Construction shutters after 28 years
- Nathan Donato-Weinstein
- Real Estate Reporter- Silicon Valley Business Journal
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The union company, with offices in Santa Clara and Pacific Grove, informed employees, general contractors, and clients that it was closing, effective immediately, on Monday.
"In hopes of weathering the storm and seeing Hallmark return to profitability I advanced personal funds to Hallmark to cover its losses," company founder and chairman James Losch wrote in a letter to stakeholders. "Over the past several years, I put a million plus into the company in hopes of enabling it to continue. But that money is now lost and Hallmark remains unable to operate profitably."
He continued: "It is therefore with tremendous regret and sorrow that I have decided to close Hallmark, effective July 29th, 2013. Until the shutdown, Hallmark will do anything it can to assist owners and subcontractors to transition projects that are in progress, and generally to attempt to minimize avoidable losses and disruption."
Hallmark specialized in commercial interiors and tenant improvements, though it also did new buildings. Its largest job was completed last year: Santa Clara University's Graham Hall, a $35 million student dorm. (You can read about that project here.)
I stopped by the Hallmark's offices on De La Cruz Avenue in Santa Clara on Tuesday afternoon, where Kortney Losch, Hallmark's HR director, told me the company was referring clients to other contractors and tying up loose ends.
She said the company planned to formally file for Chapter 7 bankruptcy liquidation in the coming days.
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