Newport Beach’s Irvine Co. has eliminated about 75 local positions as the result of a restructuring initiative, a company official said on Tuesday.
The layoffs took place on Friday and largely included personnel based out of the real estate company’s corporate headquarters, including positions in human resources, accounting and finance.
It’s the largest layoff seen at Irvine Co., Orange County’s dominant real estate company, since 2008.
In a statement, company officials said that “challenges in the broader U.S. and California economies have led to prolonged recession in the real estate market.”
“Many segments of real estate across the nation, including California, are still depressed. Today’s staff reductions are part of the company’s organizational restructure to meet the challenges of the current real estate market,” the Irvine Co. statement said.
The Business Journal estimates the Irvine Co. to employ about 2,700 people in Orange County.
