Mayor on Thrifty Leaving L.A.

* In response to “Thrifty Slams Riordan on Way Out of Town,” April 21:

The decision by Leonard Green and Partners to move a newly formed Thrifty/Payless headquarters from Los Angeles to Oregon should be portrayed as what it is: a business decision, made by venture capitalists and bankers months ago that had nothing to do with the merits of Los Angeles as a place to conduct business.

The consolidation in Oregon was disclosed in documents relating to the merger’s financing, and industry analysts were told that the headquarters would locate in Oregon to achieve cost-savings. Moreover, the CEO of the consolidated company resides on Oregon.

This is the scenario Green conveyed to me when I phoned him in February to offer the city’s assistance in keeping the headquarters here--and this was confirmed in announcing the move of the corporate headquarters on April 20.

The loss of the jobs at Thrifty’s corporate headquarters is regrettable, especially in light of Thrifty’s commitment, made less than a year ago, to keep the headquarters in Los Angeles in the aftermath of Green’s purchase of the company. But to bash our city and our strenuous efforts to turn Los Angeles around is of little benefit to anyone.

Our region is the 10th largest economy in the world. The benefits of conducting business in Los Angeles and Southern California are well-known: an educated and motivated work force; strong financial resources; one of the world’s most competitive and modern ports; superb universities, and an unmatched climate.

My staff and I will continue to aggressively tout our region’s benefits and work with every company that we can to stay here, to move here and to grow here.

RICHARD J. RIORDAN

Mayor of Los Angeles