Essex Rental announced a reduction in force to align operating expenses with business conditions. The number of employees was reduced by approximately 8% and the reduction is expected to result in over $1.7 million of annual cost savings. These savings, in addition to the previously announced corporate governance changes, will result in total annualized savings of approximately $2.2 million.
Nick Matthews, Essex's chief executive officer, states, "We made the difficult decision to eliminate a number of positions within the company in order to help reduce expenses and improve profitability. We continue to believe that our business is in the midst of a gradual improvement, and while these decisions are never easy, I am confident the reductions were necessary and in the best interests of all stakeholders."