- 5 -
During the 1980s, the mobile home retailing business in
petitioner’s region of the country (Texas, Louisiana, and
Oklahoma) endured another economic downturn, because of the oil
industry. More than 45,000 mobile homes were repossessed in
Texas alone. In petitioner’s basic trade area, 21 mobile home
retailers either went out of business or filed for bankruptcy.
Petitioner was one of only two mobile home retailers located
within 1 mile of petitioner that survived the 1980s’ economic
downturn.
During 1992 and 1993, the mobile home retailing business in
petitioner’s basic trade area endured another economic downturn.
Although petitioner survived this downturn, many other mobile
home retailers did not. Nine of the mobile home retailers that
did not survive this downturn were located within 1 mile of
petitioner on the US 80 corridor. Petitioner again took
advantage of the situation by buying at distress sale prices
mobile homes that lenders had repossessed and selling these
mobile homes at regular retail prices.
Petitioner had about 16 employees during the early 1990s.
In 1996, petitioner had 22 employees, 7 of whom were in sales.
Petitioner’s business was operated as a sole proprietorship
from 1973 until petitioner’s incorporation, in 1977. Petitioner
elected S corporation status as of January 1, 1987. Petitioner
was a C corporation for 1988. Petitioner elected S corporation
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011