RealCentric Leader Confirms Layoffs and Office Closures as He Courts Buyers

LOS GATOS, CA-James Stuart confirmed for GlobeSt.com Thursday that, due to a lack of ongoing financing, all non-core personnel of RealCentric, his 18-month-old on-line commercial real estate services company, have been laid off to try and preserve cash flow while the company talks with interested buyers. Specifically, some 45 people have been laid off and the company’s nine “field” offices around the nation have been consolidated into the company’s Los Gatos and Henderson, NV offices.

“The reality of the marketplace is that outside capital is non-existent for all things tech related, especially in the real estate sector, and in anticipation that the situation will not soon change we are making the tough but necessary decision to minimize operations to extend our time while we review opportunities with potential merger and acquisition partners,” Stuart tells GlobeSt.com. “The underlying technology and architecture of RealCentric is undeniably the most robust and scalable built, and we have had numerous suitors approach us that would benefit tremendously from our technology and resources.”

Meantime, says Stuart, the business of RealCentric “will continue, as it has existed, for the foreseeable future until we can make a responsible decision that benefits all stakeholders in the company.” When asked about its existing partnerships and relationships, Stuart added, “We are doing everything we can to act as a responsible ongoing concern and will do all things necessary to make sure we handle all those (partnerships and relationships) with integrity and candor.”