GMAC's L.A. Office Cuts Payroll, Moves Downtown
GMAC Commercial Finance, one of the country’s largest specialized lenders to the apparel industry, laid off 21 of its Los Angeles-based employees and moved remaining employees to a new downtown location.
The lay offs and move were part of a restructuring plan initiated by the company, whose U.S. headquarters are in Southland, Mich. The restructuring merged GMAC Business Credit and GMAC Commercial Credit into their parent company, GMAC Commercial Finance, and left about 30 employees at GMAC’s new 444 S. Flower St. office.
The company’s new location is closer to Los Angeles’ Fashion District than its old location at 4201 Wilshire Blvd.
“We moved to be closer to the professional community to get new leads,” said Harold Dundish, senior executive vice president and head of the division’s West Coast region.
Dundish noted the company is planning to expand its lending services from the textile industry to the telecommunications and electronics industries. —Deborah Belgum
