RICHMOND, VA (NBC12) - LandAmerica is based in Glen Allen and is the third largest real estate title insurer in the United States. But, it's now also the latest victim of the housing and credit crisis.
The winds of change were certainly evident at LandAmerica's headquarters in Glen Allen on Wednesday.
The company announced a $298 million sale of 90-percent of its business to Fidelity National and then it filed for chapter 11 bankruptcy protection.
LandAmerica's spokeswoman did not want to go on camera but said the news may save jobs. Though, whether those job stay in the richmond area is doubtful.
"It's a very difficult time in every city in every market," says Michael Jones, who is the chief investment officer for Riverfront Properties, a group that recently formed to reverse the tied of financial companies leaving Richmond.
He says what happened at LandAmerica was the perfect storm.