Regency Homes

Iowa's largest homebuilder, Regency Homes Inc., laid off all its employees except for top management in its homebuilding and land development companies recently. A letter addressed to friends and partners of the West Des Moines-based privately held company said 103 employees were told they had been laid off. Company officials did not immediately return calls seeking comment, and it was unclear whether the company planned to halt construction. In the letter, Regency said it is working with financial advisers and legal counsel on the issue of vendor payments and other cash obligations "that our current situation does not allow us to fulfill."