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Non-Tech : Amresco [AMMB] -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (38)	12/12/1998 12:05:00 PM
From: Noel	Read Replies (1) \| Respond to of 218

AMRESCO to cut jobs to reduce costs December 10, 1998 11:22 AM DALLAS, Dec. 9 (Reuters) - AMRESCO Inc. said Wednesday it would shut down a subsidiary, close other offices and lay off about 375 people in the fourth quarter in an effort to cut costs in the face of the capital markets crisis. The diversified financial services company said in a statement that it expected to save an annualized $34 million as a result of the measures. "As painful as the decisions have been companywide, the steps we have taken are necessary for the long-term interest of AMRESCO," it said. It said "the negative impact of the capital markets crisis over the last 90 days" had forced it to adopt the measures. On November 15 AMRESCO said it foresaw a fourth-quarter loss of $85 million to $95 million, and a full-year loss of $50 million to $60 million. It said in the statement it would close a number of wholesale and retail branches within its home equity lending subsidiary, AMRESCO Residential Mortgage Corp.; close its bulk/correspondent home equity lending subsidiary, AMRESCO Residential Credit Corp.; and reduce other general company expenses. It did not elaborate and company officials could not be reached for comment. AMRESCO specializes in commercial and residential real estate and home equity lending; asset management workout services; and commercial finance. ((--New York newsroom, 212 859 1610)) REUTERS