Imperial Corp. Retrenches in Face of Losses

Facing some “difficult issues” in the fourth quarter, officials of Imperial Corp. of America sold off its $250 million construction portfolio, eliminated more than 200 positions and closed 20 non-productive branch offices, resulting in a fourth-quarter loss of $16.7 million.

That compares with earnings of $9.8 million for the fourth quarter in 1984.

For the year, Imperial Corp. reported a net loss of $16.5 million, compared with earnings of $10 million in 1984.

Assets dropped 5% to $8 billion.

Under new management since last fall, Imperial is now concentrating on two core businesses--retail and mortgage banking.

Earnings reports by other San Diego County firms: