Imperial Corp. Retrenches in Face of Losses
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Facing some “difficult issues” in the fourth quarter, officials of Imperial Corp. of America sold off its $250 million construction portfolio, eliminated more than 200 positions and closed 20 non-productive branch offices, resulting in a fourth-quarter loss of $16.7 million.
That compares with earnings of $9.8 million for the fourth quarter in 1984.
For the year, Imperial Corp. reported a net loss of $16.5 million, compared with earnings of $10 million in 1984.
Assets dropped 5% to $8 billion.
Under new management since last fall, Imperial is now concentrating on two core businesses--retail and mortgage banking.
Earnings reports by other San Diego County firms:
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