Irvine Co. Cuts 75 Positions

Citing a "prolonged recession" in the real estate market, the Newport Beach-based Irvine Co. has eliminated 75 positions.

The reduction, which took place Friday, included a combination of layoffs and elimination of vacant positions, Irvine Co. spokeswoman Erin Freeman confirmed. She declined to elaborate on how many people lost their jobs.

Here is a statement from the company:

"Challenges in the broader U.S. and California economies have led to prolonged recession in the real estate market.  Many segments of real estate across the nation, including California, are still depressed.  [Friday's] staff reductions are part of the company’s organizational restructure to meet the challenges of the current real estate market."

The Irvine Co. went nearly two decades without layoffs until 1998, when the company reduced its staff by about 3 percent, according to a report in the Orange County Register.

The Irvine Co., which employs 3,200 people, owns 116 apartment communities, 484 office buildings, 41 retail centers and five yacht marinas, according to its website.