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BRIEFLY

Real Estate

November 03, 1994|From Times Staff and Wire Reports

Catellus Outlines Restructuring: The real estate developer said the reorganization will take place over the next 90 days, and is expected to cut costs by about $10 million a year. The San Francisco company also said it will take a one-time charge of between $3.5 million and $4.5 million in the fourth quarter for the changes. Catellus Development Corp., which develops and manages properties in the West and Midwest, said it expects to lay off about 77 workers. It said it will reduce its attention to asset sales and concentrate more on improving the earnings from its property portfolio. The company also reported a profit of $5 million, before a $5.95-million preferred stock payout, for the third quarter, contrasted with a loss of $10.1 million a year earlier.

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