Thursday, November 13, 2008

FCR layoffs confirmed; parent company stock price continues to sink

A week ago, I speculated that Forest City Ratner (FCR) had laid off some people working on the Atlantic Yards project, even as corporate officials at parent Forest City Enterprises (FCE) would not specify where there'd been layoffs.

Yesterday, there was partial confirmation, as the New York Post quoted sources saying there had been layoffs at FCR. Though no projects were specified, it's reasonable to believe that the company's most ambitious project couldn't have gone unscathed.

Stock price continues to fall

Meanwhile, on October 10, Forest City Enterprises' stock price was $19.79, near the low point of its 52-week range. On October 23, the price had sunk to $11.91.

Yesterday, the stock closed at $7.55. The stock chart at right covers only three months.

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