OTHER NEWS - Jan. 23, 1992

Irvine Co. Cuts Staff: Irvine Co., Orange County’s mammoth developer and landowner, announced layoffs of about 15% of its work force--trimming its staff from 386 to 326 employees. Most of the 60 employees who were let go worked in the company’s land development group, which helps lay down the infrastructure--such as roads and sewer lines--on vacant property. The company blamed the cuts on “recession, exacerbated by a punitive real estate credit crunch.” At its height in 1985, the company had on staff almost 1,500 employees.