Friday, December 04, 2015

Crain's: Forest City drops five jobs in New York City

From Crain's Cleveland Business, Forest City Enterprises cuts 51 jobs, including 45 in Cleveland:
A first phase of staff cuts at Forest City Enterprises Inc. (NYSE: FCEA, B) eliminating 45 jobs at its Terminal Tower headquarters and six others nationally is underway.
Jeff Linton, spokesman for the national real estate developer and owner, said the cuts are part of the company’s effort to streamline processes as it restructures operations. Forest City plans to become a real estate investment trust early next year.
...In addition to the job reductions here, Forest City cut another five positions in New York City and one on the West Coast. ...
While Linton emphasized the structural nature of the corporate cuts, he acknowledged they are part of an effort to reduce costs in Forest City’s quest for better operating margins. 
It's unclear what jobs are involved in the New York office. Then again, if Forest City is selling its controlling interest in the Barclays Center operating company, and its minority stake in the Brooklyn Nets, its assets in New York are diminishing. 

Some of those jobs, in fact, might be cut from Forest City and transferred to new owner Mikhail Prokhorov's operation.

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