Fieldstone Investment Corporation (NASDAQ:FICC), one of the nation's largest subprime mortgage originators, said late Friday after market close that it plans to reduce its number of wholesale operations centers from nine to three and that it will close nine of its smaller retail branch offices.
Layoffs will impact 14 percent of the company's workforce -- or roughly 125 employees -- Fieldstone officials said in a press statement
The lender is currently set to be acquired by scratch-and-dent giant Credit-Based Asset Servicing (C-BASS) is a deal worth $4.00 per share. Fieldstone shares closed at $3.31 on Friday in light trading volume. Company officials did not specify if the reductions were part of the company's acquisition plan.