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March 5, 2009

Forest City Enterprises eliminates another 100 jobs

The struggle to get its fiscal house in order continues for Atlantic Yards developer Forest City Enterprises; the company announced today that it was cutting another 100 jobs nationwide. This follows a previous round of lay offs back in November 2008, the suspension of dividends in December, and a "greater emphasis on monitoring and managing upcoming maturities."

The Cleveland Plain Dealer, Forest City cuts 100 jobs, 50 of them in Cleveland area

Forest City Enterprises Inc. (NYSE: FCE-A) cut 100 jobs Thursday, 50 of them in the Cleveland area.

The real estate company, based in downtown Cleveland, is trying to reduce costs amid an economic crisis that has been particularly cruel to real estate. This is the second round of job cuts in recent months for Forest City, which has tabled most new development in favor of managing its properties and reducing its debts during the downturn.
...
"We anticipate that the need for across-the-board job reduction is now behind us," [spokesman Jeff Linton] said. "It may be necessary to have targeted reductions in the future, but it's not possible to predict at this point."

Crain's Cleveland Business, Forest City Enterprises eliminating another 100 jobs

“This is part of our ongoing cost-reduction efforts, and a difficult but necessary step as we bring expenses into line with our near-term outlook,” Mr. Linton said.

The real estate giant currently employs about 800 people in Northeast Ohio, most at its Terminal Tower headquarters, Mr. Linton said. Total employment nationally remains about 3,000.

Posted by lumi at March 5, 2009 7:58 PM