Century 21 Properties Plus to Undergo Reorganization
~ Service to Tri-County Community Will Continue ~
Century
21 Properties Plus filed Chapter 11 bankruptcy protection on May 25.
Chapter 11 is available for a company that has a plan to reorganize in
order to keep its business alive and to pay off creditors over time.
“This decision was made with the company’s agents and customers in the
forefront,” said Tim Rash, President of Century 21 Properties Plus.
“Nothing will change in the day-to-day operations. Our professional
agents will continue to provide exceptional service to their clients
while we restructure the company and work with our current creditors.”
The company chose file Chapter 11 due to
the effects of the current economic climate and the very challenging
real estate market. Mr. Rash believes filing for financial protection
is the best way for the franchise to continue to serve the community
and its agents, as well as to guarantee that it will be viable in the
future. “We believe the Charleston real estate market will come back.
This business decision provides us a little breathing room to fully
implement our reorganizational plan.”
Century 21 Properties Plus was founded in
1997 in Mt. Pleasant. Since then it has grown to 3 modern café style
offices in the tri-county. It boasts more than 160 agents and is the
top Century 21 franchise in the Charleston area. “Over 100
agents have joined the company in the last year,” said Mr. Rash. “They
want to be part of the team because we have the best marketing tools
and the model to keep pace with the future hi-tech real estate market.
I have the best agents in town and for them it will be business as
usual.”
The franchise’s parent company, Century
21 Real Estate LLC, is the world's largest residential real estate
sales organization comprised of 8,500 independently owned and operated
franchised broker offices in 64 countries and territories worldwide.
