339 Jefferson Road in Parsippany, the headquarters of Hollister Constructions Services
By Joshua Burd
Hollister Construction Services has filed for Chapter 11 bankruptcy protection as part of a plan to continue operations as it reorganizes its business, the firm announced Wednesday.
The Parsippany-based company, which made the filing on Wednesday, wrote on its website that “a small number of legacy projects experienced issues and losses that impacted the overall company’s balance sheet and operations.” Hollister expects to remain in business and operate through the reorganization, it said, adding that work on most current construction projects will continue as it works to emerge from the process as a more financially sound company.
“Hollister is using the process to reorganize and restructure,” the company wrote. “Hollister executives identified solutions to a handful of unprofitable legacy construction projects and associated business and financial issues that threatened overall company operations. Hollister leadership and outside advisers determined that Chapter 11 was the best course for the company to take to operate as a profitable company moving forward.”
Founded in 2004, Hollister has been among the most prominent and fastest-growing construction management firms in New Jersey in recent years. The company has also held a visible and influential role in the state’s commercial real estate industry, having completed a long list of projects for a host of top developers.
Ahead of its filing in U.S Bankruptcy Court, Hollister last week laid off an undisclosed number of employees.
Below is the full text of the statement posted on its website:
“Hollister Construction Services, LLC today announced that the company voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court in the District of New Jersey. This difficult decision was made after careful consideration, but one that the company’s leadership is confident will allow Hollister to continue its operations through reorganization.
“Hollister will remain open for business throughout the reorganization process and will continue to conduct business. Hollister’s primary lender and bonding company are working closely with us as part of the process.
“Our current leadership team will maintain management control of the company during this reorganization; however, the bankruptcy court will hold final review and oversight over all significant business decisions outside the ordinary course of business.
“Hollister values its relationship with partners like you and will seek to maintain normal relations through the process. Please know that we will do all that is in our power to prevent delay and inconvenience during this process.
“We appreciate your past partnership and thank you for your continued support moving forward. Thank you again for being a valued client of ours.”