American Spectrum Realty, Inc. Plans to Cut $1.2 Million in Costs by End of Third Quarter 2011
American Spectrum Realty (NYSE: AQQ) announced today that The Company plans to cut over $1.2 million in expenses by the end of the 3rd quarter 2011.
ASR and its management company, American Spectrum Realty Management, LLC, have meticulously examined their operations in order to eliminate duplicate responsibilities between its Houston and California offices. As part of this effort to reduce redundancy, The Company has consolidated its two accounting divisions into one department and relocated it to the Irvine, CA office. The plan also includes seventeen job cuts, the majority of which have already been completed. The Company intends to implement the remainder of these cost-cutting changes throughout the month of September.
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