WCI announces massive layoffs

LEE COUNTY: One of Southwest Florida's largest companies, WCI Communities, announced on Tuesday that it will be laying off hundreds of employees to make up for losses caused by the soft real estate market.

The builder's restructuring will affect all levels of the company. WCI plans on eliminating about 575 jobs, which is expected to create and annual savings of approximately $46 million in salaries and benefits.

The company will still have a workforce of roughly 2,100, but that is a 46 percent reduction from its peak employment in mid-2006 of 3,889 people.

"This prolonged downturn requires that we continue to assess our overhead and make reductions in order to remain viable through the trough of this cycle. We have been fortunate to retain the talent needed to navigate this tough time in the industry, and we believe we have the key leaders in place to respond to increased demand—whenever that may occur," said Jerry Starkey, who is President and CEO of WCI.

The company's board of directors has also agreed to significantly reduce its pay.

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source: nbc-2.com