KB Home (NYSE:KBH)
Historical Stock Chart
5 Years : From Jul 2012 to Jul 2017
In a cost-cutting move, builder KB Home (KBH) said Thursday it is consolidating its two accounting and administrative services centers into one Phoenix office.
The Los-Angeles based builder said it will move the Denver operation to Arizona during the next few months. The Phoenix office will manage accounting-related operations for its 30 markets nationwide.
The builder, one of the nation's largest, did not say how much money will be saved.
Some of the 66 affected Denver-based employees will be offered positions in Phoenix. The Denver home-building operation will not be affected.
"The decision to consolidate our accounting centers allows us to better manage our costs and streamline our operations," said Jeff Kaminski, KB Home's chief financial officer. He added this is "one of the many steps we are taking in restoring KB Home to profitability."
Home builders, battered by the housing downturn, have spent the last few years cutting costs, doing everything from simplifying housing plans to exiting underperforming markets.
Shares of KB Home was up 2 cents to $11.13 in midday trading Thursday.
-By Dawn Wotapka, Dow Jones Newswires; 212-416-2193; firstname.lastname@example.org