H&R Block Inc. announced Tuesday it will lay off 575 workers from its Option One Mortgage subsidiary as it continues an attempt to salvage the sale of the business to Cerberus Capital Management L.P. The layoffs, which are in addition to a workforce reduction of 615 jobs announced in May, will cost the company $19 million, including $11 million in termination benefits and $5 million in lease terminations. H&R Block said at the end of August that it was working with Cerberus to modify the terms of an April 19 agreement to sell Option One Mortgage to the investment firm. In an Aug. 30 filing with the Securities and Exchange Commission, H&R Block said was unable to meet some conditions of the agreement, including requirements that Option One have $2 billion in loans funded within ...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.