O.C.'s Largest Land Developer Makes Major Layoffs
NEWPORT BEACH -- Citing a weak economy and declining land sales, The Irvine Co., one of the major players in Orange County's recent economic leap forward, has laid off 100 employees.
The layoffs are the first for The Irvine Co., Orange County's largest land developer, in 15 years. The cuts represent 3 percent of the firm's 3,800 workers.
They come as the Orange County unemployment rate hit 5.8 percent in figures released Friday. The California unemployment rate is one of the highest in the nation at 7.7 percent.
John Christensen, a company vice president, called the decision "painful," but noted the cutbacks were needed because of "dormant land sales to home builders."
Donald Bren, The Irvine Co.'s major owner, has lost more than $1 billion in the last
year, according to Forbes magazine. He nonetheless remains one of the 400 richest
Americans with a net worth of about $12 billion.
The layoffs are the first for The Irvine Co., Orange County's largest land developer, in 15 years. The cuts represent 3 percent of the firm's 3,800 workers.
They come as the Orange County unemployment rate hit 5.8 percent in figures released Friday. The California unemployment rate is one of the highest in the nation at 7.7 percent.
John Christensen, a company vice president, called the decision "painful," but noted the cutbacks were needed because of "dormant land sales to home builders."
Donald Bren, The Irvine Co.'s major owner, has lost more than $1 billion in the last
year, according to Forbes magazine. He nonetheless remains one of the 400 richest
Americans with a net worth of about $12 billion.
Labels: California, layoffs, The Irvine Co
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