Irvine’s Five Point Holdings LLC, the developer of the Great Park Neighborhoods and other large communities in California, has announced a round of layoffs.
“We announced a layoff of 31 FivePoint associates, which represents approximately 20% of our workforce,” the company said in a statement.
“We are proud that we were able to keep the team together through the pandemic, however we feel that now is the appropriate time to reassess our operations and cost structure to properly fit the size and scale of our business,” the statement said.
The moves come a few weeks after the developer’s new Chief Executive, Dan Hedigan, told analysts a key focus for the company was to “optimize and rationalize our cost structure to properly fit the size and scale of our business.”
Hedigan told analysts that “we will look to do more with less, and hold ourselves accountable as we drive bottom line performance and focus on building shareholder value,” according to a Motley Fool transcript of the March 10 analyst call.
Five Point (NYSE: FPH) was valued around $910 million as of midday on Friday.
