The locally based real estate investment trust says it will close its Portland, Seattle and Sacramento offices. It will also reduce its staff in San Francisco and hometown of San Diego.
The closures and related expenses will result in a $4.1-million restructuring charge for the third quarter, the REIT says. Burnham Pacific announced its liquidation plans after efforts to find a suitable buyer failed.
The cutbacks and closures, expected to becomplete by the end of the month, will save the company $6 million. The move "demonstrates our commitment to reduce operating expenses,reorganize our management efforts and maximize shareholder value," saysScott C. Verges, Burnham Pacific's interim CEO.
The company also announced it has ended its relationship as real estateadvisor to the California Public Employees Retirement System. Sacramento-based CalPERS is one of the nation's largest pension funds.
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