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Real Estate Industry Layoffs

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BUSINESS
July 22, 1999 | JESUS SANCHEZ, TIMES STAFF WRITER
Faced with a slowdown in commercial property sales and leasing, Los Angeles-based CB Richard Ellis Services Inc. on Wednesday said its second-quarter results would be 50% below Wall Street estimates, spurring the huge real estate services and brokerage firm to reorganize and lay off managers.
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BUSINESS
May 24, 2001 | From Bloomberg News
CB Richard Ellis Services Inc., the largest U.S. commercial property broker, is cutting 160 jobs and reducing bonuses to senior management as part of a plan to save money as leasing activity and property sales slow. The measures will help the El Segundo-based company save $35 million to $40 million over the rest of the year, said spokesman Joseph Fitzpatrick. The job cuts amount to about 1.6% of the company's work force of 10,000. U.S.
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BUSINESS
November 3, 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.
BUSINESS
July 22, 1999 | JESUS SANCHEZ, TIMES STAFF WRITER
Faced with a slowdown in commercial property sales and leasing, Los Angeles-based CB Richard Ellis Services Inc. on Wednesday said its second-quarter results would be 50% below Wall Street estimates, spurring the huge real estate services and brokerage firm to reorganize and lay off managers.
BUSINESS
November 18, 1992 | MICHAEL FLAGG, TIMES STAFF WRITER
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.
BUSINESS
April 3, 1999 | Bloomberg News
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.
NEWS
May 23, 1992 | SUSAN CHRISTIAN, TIMES STAFF WRITER
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."
BUSINESS
November 17, 1990 | MICHAEL FLAGG, TIMES STAFF WRITER
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.
BUSINESS
May 29, 1992 | Susan Christian; Times staff writer
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.
BUSINESS
May 24, 2001 | From Bloomberg News
CB Richard Ellis Services Inc., the largest U.S. commercial property broker, is cutting 160 jobs and reducing bonuses to senior management as part of a plan to save money as leasing activity and property sales slow. The measures will help the El Segundo-based company save $35 million to $40 million over the rest of the year, said spokesman Joseph Fitzpatrick. The job cuts amount to about 1.6% of the company's work force of 10,000. U.S.
BUSINESS
April 3, 1999 | Bloomberg News
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.
BUSINESS
October 11, 1995 | Times Staff and Wire Reports
Maguire Thomas Partners Lays Off 17 Workers: The layoffs occurred in Philadelphia, Dallas and Los Angeles and represent about 10% of its nationwide staff, the Santa Monica-based company said. Maguire Thomas, one of the country's largest real estate developers, said the prolonged downturn in commercial real estate nationwide forced the move.
BUSINESS
August 19, 1994 | DEBORA VRANA, TIMES STAFF WRITER
Facing an increasingly sluggish market for its home loans, Prudential Home Mortgage Co. is laying off 23% of its work force, or nearly 900 people nationwide, including more than 100 at its loan-processing center in Costa Mesa. The company, a subsidiary of Prudential Insurance Co. in Newark, N.J., had told employees at its four processing centers last month that staff reductions were coming and would be completed by the end of August.
BUSINESS
July 15, 1994 | JAMES S. GRANELLI, TIMES STAFF WRITER
Plaza Home Mortgage Corp., a mortgage banker that had posted big profits in recent years, said Thursday that it has cut 28% of its nationwide work force and will lose up to $10.4 million for the second quarter as higher interest rates began strangling its loan business. The holding company for Plaza Home Mortgage Bank said that since interest rates started rising early this year, it has laid off 335 of its 1,200 employees systemwide.
BUSINESS
January 22, 1993 | James. S. Granelli / Times staff writer
The real estate business, true to its cyclical nature, is heading down again--at least as far as employment at one company goes. First American Title Insurance Co. in Santa Ana, the nation's second-largest title insurer, said that 20 employees were laid off this week at the company's Orange County title search facility, leaving it with about 190 workers. The layoffs come as the overheated home refinancing market cools down and home purchases fail to take up the slack.
BUSINESS
December 8, 1992 | JOHN O'DELL, TIMES STAFF WRITER
In a move designed to give more power to its people in the field, Century 21 Real Estate Corp. said Monday that the giant chain is decentralizing its administrative operations. The move, which will take several months to complete, will involve some layoffs as "hundreds of corporate employees are moved around in the system," said Richard Loughlin, president and chief executive of the Irvine-based company.
BUSINESS
November 18, 1992 | MICHAEL FLAGG, TIMES STAFF WRITER
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.
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