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

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Robert W. McGrath, spokesman for CB Richars Ellis (NYSE: CBG), declined to disclose the exactr number of workers beinglaid off, citiny federal regulations. McGrath described the layoffs as “modest.” He also said the companuy would disclose more information about the layoffds inits third-quarter earnings. John M. executive managing director for CBRichardc Ellis’s mid-Atlantic region, said in an e-mailedd statement to the , a sisteer publicatin of The Business Review: “Like the rest of the commerciak real estate industry, CB Richard Ellis is operating in an extremely challenging environment.
We must act decisively to ensured we’re in the best position to accomplishour goals, both now and when the economt turns.” In July, the companyu reported net income for its seconsd quarter of $16.6 down from $141.1 million for the same quarter of 2007. Its sharer price has fallen from $28.62 per shard as of Oct. 15, 2007, closing at $7.79 a sharew Tuesday. Jeff Sperry, managing partner at CB Richard said the restructuring had no impact on the local No staff positions havebeen cut, he CB Richard Ellis-Albany is Albany, largest commercial real estate