Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Cendant Corp. plans to cut costs at real estate brokerage company NRT Inc. by about $50 million this year through a cost-cutting strategy that includes office closures, Cendant chairman and CEO Henry Silverman said today during an earnings presentation. "To counter the impact of a slowdown at NRT we have put in place a cost-reduction program, which principally includes consolidating local offices in order to right-size NRT's cost structure to be in line with reduced volumes," Silverman said during a discussion of the company's fourth-quarter earnings and full-year earnings for 2005. "We think we can take out about $50 million of cost initially. That requires some office closings. It's not a dollar-per-dollar benefit because you do have some breakage -- you do lose some of the benefit of ...