November 18, 1992 |
The Irvine Co., the giant developer that owns a sixth of the land in Orange County, said Tuesday that on Jan. 1 it will lay off 40 people--its fourth layoff in two years. After the first of the year, only 245 people--the fewest since the 1960s--will work at the company's white, nine-story building near Newport Beach's Fashion Island mall. The latest layoffs, the company said, will be in all areas of its work force. The privately held concern keeps its finances intensely secret.
April 3, 1999 |
Burnham Pacific Properties Inc., one of California's largest retail property owners, said it plans to cut 26% of its work force, or about 39 jobs, and take a first-quarter charge as it hires other companies to manage its properties and closes three offices. San Diego-based Burnham Pacific said it would take a restructuring charge of about $1.5 million in the first quarter.
May 23, 1992 |
Blaming the persistent real estate slump, Orange County's premier developer and landowner Friday announced its second round of layoffs in five months and said it will realign its top management. Said Irvine Co. chairman Donald L. Bren in a memo to employees: "Beginning today, you can expect to see new steps to cut expenditures, reduce our staff by 30 to 40 people, and continue our evolution to a sophisticated real estate investment and management company."
November 17, 1990 |
Santa Margarita Co., which owns 40,000 acres in the southern half of Orange County, said Friday that land sales have fallen off so sharply that it will delay some planned projects and lay off 15% of its employees. The announcement comes immediately after the Irvine Co.'s decision to lay off 11% of its work force and delay about $100 million worth of real estate projects. Both companies have blamed the reluctance of banks and thrifts to make real estate loans for their downturns.
May 29, 1992 |
Last week, the Irvine Co. said it would terminate 30 to 40 jobs at the end of June--the huge developer's second layoff in five months. On Thursday, company spokesman Larry Thomas confirmed the final count--33 employees, reducing the staff more than 10% from 326. Among those who will no longer be on the company's payroll is C. Bradley Olson, president of Foothill Community Builders, which oversees the company's residential development projects in Tustin, Orange and Anaheim.
November 15, 1990 |
Jon Douglas Co., one of the best-known real estate brokerages in Los Angeles, is preparing to lay off as many as 500 agents, or about 20% of its sales force, the company confirmed Wednesday. The news is the latest evidence of the continuing deterioration in California's residential real estate market, whose decline accelerated after Iraq's Aug. 2 invasion of Kuwait sent consumer confidence plunging.