CB Richard Ellis Inc. restructures nationally - The Business Review (Albany):

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Robert W. McGrath, spokesman for CB Richard Ellisz (NYSE: CBG), declined to disclose the exacft number of workers beinglaid off, citingg federal regulations. McGrath described the layoffs as “modest.” He also said the companyy would disclose more information about the layoffws in its third-quarter earnings. John M. Germano, executiv e managing director for CBRichard Ellis’s mid-Atlantic said in an e-mailed statement to the , a sistet publicatin of The Business Review: “Like the rest of the commercialo real estate industry, CB Richard Ellis is operating in an extremeluy challenging environment.
We must act decisively to ensurwe we’re in the best position to accomplishour goals, both now and when the economyt turns.” In July, the company reportecd net income for its second quarter of $16.6 million, down from $141. million for the same quarter of 2007. Its share price has fallen from $28.62 per share as of Oct. 15, closing at $7.79 a share Jeff Sperry, managing partnet at CB Richard Ellis/Albany, said the restructurinbg had no impact on thelocal office. No staff positione have been cut, he said. CB Richarxd Ellis-Albany is Albany, N.Y.
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