Cubellis, a large architecture practice headquartered in Boston with offices worldwide, is shutting its doors. The cause, says firm founder Leonard Cubellis, was the firm’s inability to get a line of credit from its bank to make payroll. Sovereign Bank, the bank in question, confirmed the report and in a prepared statement said it is, “constantly evaluating the levels of risk in its loan portfolio and making adjustments as needed based on prudent lending practices”.
News of the company’s closure was broken to employees on the eve on American Thanksgiving via email. Cubellis, which has been in business since 1986 and has offices throughout the US and one in Dubai, leaves 170 people out of work.
Before news of the closure was announced, Cubellis had been winning commissions left and right and, as recently as November, had landed a commission to design a new headquarters for Sun National Bank in New Jersey. The practice is now making plans to transition its clients.