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ACC Lays Off Thousands This Week

ACC Lays Off Thousands This Week

Job cuts in 6 states

May 24, 2007 (revised 4:39 p.m.)

By COCO SALAZAR

photo of Coco Salazar
The parent of Ameriquest Mortgage will complete this week the layoff of over 500 Illinois employees and thousands more throughout five other states.

ACC Capital Holdings Inc. notified Illinois around mid-March that it laid off 515 employees — terminations that will become effective May 25, according to a Workers Adjustment and Retraining Notification filing. The effective date represents the end of the 60-day period affected workers are paid through.

Rolling Meadows holds 341 of the affected employees and Schaumburg holds the other 174, the Illinois filing indicated.

The Illinois layoffs will become effective on the same day as 1,590 job cuts in California throughout Orange, Rancho Cordova, Mather, Irvine and Anaheim, according to a filing with the California Economic Development Department.

The layoffs are tied to the March 15 announcement in which the Orange-based subprime lender disclosed “a reduction in its workforce across all lines of business” and consolidation of operations in an effort to cut costs. At that time, the company declined to disclose the number of workers that would be laid off as a result.

But, according to company WARN filings, that consolidation effort resulted in a total 2,607 layoffs across six states. Behind California and Illinois, New York accounted for the third-largest amount — 423 layoffs, followed by 34 in Arizona, 28 in Connecticut and 17 in Colorado.

“This is a very challenging nonprime market,” ACC said in the March announcement. “Only companies with the ability to control costs and improve loan quality are going to be successful.”

About a year age, Ameriquest said it would terminate 3,800 jobs due to the closing of over 200 retail branches that would be restructured into existing regional mortgage production centers in Arizona, California, Connecticut and Illinois.

Related:

Ameriquest Consolidation
The parent of Ameriquest has laid off workers and consolidated operations across all business lines in order to survive the “very challenging” nonprime market.

Ameriquest Continues Layoffs
As part of the company’s previously-announced planned layoffs, another group of Ameriquest Mortgage employees were released.

Ameriquest Lays Off 3800
Ameriquest has pursued a centralized business model that will help it better operate in today’s lending environment. The transition, however, has left 3,800 people unemployed.

Argent Employees Laid Off
The wholesale subsidiary of America’s largest subprime lender laid off hundreds of employees.

Ameriquest Cuts 1500 Jobs
In response to a challenging environment, the parent of Ameriquest Mortgage Co. laid off about 1,500 employees.


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