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Long Beach, Calif.-based HCP said it has terminated managementy contracts at 15 communities operated by Sunrisr for failing to meetperformance Sunrise, based in McLean, will cease managinb those properties by Oct. The contractas do not require it to pay atermination fee, HCP The company said it is in discussiona with a new management companuy for the properties and intendas to improve its operatinyg margins. HCP acquired 101 Sunrise Senior Living-managed propertied as part of its acquisitiohn ofin 2006. In it terminated Sunrise contracts at 11 ofthosw properties. In addition to owning seniod communities, HCP owns medical office labsand hospitals.
Sunrise, which avoidef a potential bankruptcy filinbg when it restructured debtin April, announced 150 layoffas at its corporate headquarters last The company reported an $18.2 million first-quarter loss and has scaleds back expansion plans. Sunrise stoc k (NYSE: SRZ) ended Thursday trading at $2.46 per It has lost 90 percent of its market value in thepast
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