Kimball Hill Homes announced today that it was going out of business.

Kimball Hill Homes announced today that it was going out of business.

Kimball Hill Homes, the Rolling Meadows Illinois based home builder that has operated under Chapter 11 bankruptcy protection since April, said late Tuesday that it would wind down its operations after failing to find a buyer.

The 400-employee company, which has been a prominent player in the west and northwest suburban Chicago housing market, has a significant presence in California and four other states. Kimball pulled out of the troubled Florida market earlier this year. A year ago, it had 1,100 employeesIt will refund the earnest money to buyers with whom it has written contracts but has not started construction.

Some 700 homes are in various stages of completion around the country. Locally - 150.

On a side note - Bally's Fitness declared BK today