Industry News

Relocation giant announces bankruptcy

Company plans to continue operations

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Financially battered relocation giant Sirva Inc., which conducts about 300,000 relocations per year, has filed for bankruptcy in an effort to reorganize and survive the U.S. real estate downturn. The company's stock was de-listed from the New York Stock Exchange in November, after the company reported a $10.4 million net loss for the third quarter ended Sept. 30. For the first nine months of 2007 the company reported a $45.2 million net loss, which followed a $36.5 million net loss for the first nine months of 2006. The bankruptcy reorganization "will not impact day-to-day operations for employees, customers, agents, suppliers and general business operations in the U.S.," the company reported today. Company officials had blamed Sirva's poor performance and anticipated weak future results on continued weakness in the U.S. real estate market. Relocation companies work with real estate professionals to assist clients' employees in selling their homes and finding and purchasing h...