Grubb & Ellis Co.: The real estate...
From Times Staff and Wire Reports
Grubb & Ellis Co.: The real estate company reported a net loss for the third quarter of $23.1 million, including a $3.8-million operating loss resulting from continued revenue weakness in eastern commercial brokerage and appraisal. That contrasts with a net gain of $1.6 million in the third quarter of last year. Revenue for the quarter was $81.6 million, down 14%. The San Francisco-based firm is restructuring and taking a charge of $15.3 million, which includes a charge to goodwill as well as reserves for severance and closing costs for 15 offices. The company also said it would reduce its work force of 5,300 by 400 employees.
