The practice, based in Mountainside, acts for banks and mortgage companies in relation to foreclosure, bankruptcy and evictions. Giving an explanation, the firm said it was shutting down because of 'current and anticipated profitability insufficient to sustain current operations'.

Over-expansion

At the end of May, Florida-based Butler & Hosch pointed to over-expansion as the reason for closing its doors. The CEO Bob Hosch told staff in an email: 'Unfortunately, BH grew too fast and could not merge processes from the acquired entities quickly enough to meet our economic forecasts, which resulted in short-term cash crunches and [affected] our ability to attract new capital in the interim.' Source: ABA