Large U.S. architecture firm, EYP, files for bankruptcy, may sell to subsidiary of Bitcoin miner

2022-04-29T10:42:00-04:00

U.S.-based firm EYP Architecture + Engineering has filed for bankruptcy due to pressure from debt obligations. The firm, based in Albany, New York, has 11 offices across the United States and employs 470 staff. The firm has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware owing $149 million in debts.

To address its debt burden, EYP has agreed to a deal to sell itself to Ault Alliance Inc for $68 million. Ault is a subsidiary company of BitNile, a cryptocurrency-focused company which owns and operates its own data center for mining bitcoin, and provides products orientated around disruptive technologies.

Yahoo Finance reports that Ault will make an offer of employment to all current employees of EYP, and that ongoing projects by the firm are not expected to be disrupted by the sale, which is expected to be completed by June 2022.

According to EY...

Architect's Top 50 firms include NADAAA, Gensler, Adrian Smith + Gordon Gill

2015-09-09T14:12:00-04:00

We updated our methodology to include new metrics: percentage of women and minority designers; range and value of employee benefits; rate of employee turnover.

What defines a successful architectural firm? For Architect Magazine, it's a blend of diversity in staffing, sustainability, and overall design savvy/business acumen. Accordingly, big names Gensler, SOM, and Perkins + Will snagged places in the top five, while Adrian Smith + Gordon Gill Architecture received the highest score overall, also taking the top spot in the category of business. In the category of design, NADAAA scored the highest; in sustainability, it was EYP Architecture & Engineering. Adrian Smith + Gordon Gill were recently commissioned to design the Burj 2020, while NADAAA's founding principal Nader Tehrani was selected to be the new Dean of the Cooper Union's Irwin S. Chanin School of Architecture.

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Large U.S. architecture firm, EYP, files for bankruptcy, may sell to subsidiary of Bitcoin miner

Architect's Top 50 firms include NADAAA, Gensler, Adrian Smith + Gordon Gill