BrokerageIndustry News

Realogy announces more office consolidations

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Realogy Corp. officials on Monday detailed continued plans to cut costs through office consolidations and other actions in response to the reeling real estate market. After consolidating about 67 company-owned brokerage offices in 2007, Realogy has plans to consolidate or reduce in size an additional 70 company-owned office locations during the first two quarters of this year, said Richard A. Smith, company president and CEO, during an earnings conference call Monday. On March 19, the company announced a $797 million net loss in the period dating from the company's April 10, 2007, acquisition by private equity firm Apollo Management LP through Dec. 31, 2007. A company projection of its finances, which counted the impacts of the Apollo buyout as if the deal closed on Jan. 1, 2007, estimated a full-year net loss of $605 million for Realogy in 2007. Realogy said a fourth-quarter review resulted in a noncash impairment charge of $667 million that reduced the company's intang...