Fieldstone Co.: The home builder said it...

Fieldstone Co.: The home builder said it is laying off a dozen employees because of a restructuring caused by the housing slump.

Keith Johnson, chief executive officer of the Newport Beach company, said Friday that workers are being laid off for the first time in the company's 14-year history. Fieldstone and a related firm, Fieldstone Communications, employ about 150 people in all.

Johnson said two other workers who were offered transfers will also be leaving. He said Fieldstone had to reorganize because its business has dropped sharply in the past two years.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World