COLUMBIA, Md. (AP) - Mortgage real estate investment trust Fieldstone Investment Corp. said Friday it will close several of its wholesale and retail centers, cutting about 125 jobs, or 14 percent of its staff.
The company said it will close six wholesale operations centers and nine of its retail branch offices. The goal is to consolidate its facilities and reduce operation costs. Fieldstone will also make 'proportional adjustments' to its corporate home office staff.
The consolidations and cuts are expected to be complete during the second quarter, and the company expects to see a pretax charge of about $550,000 in its first-quarter results.
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