In last Friday's Business & Finance Section, an article on the closing of six offices of Colquitt-Carruthers stated that six persons would be fired. They were, in fact, laid off.
With sales down 20 percent, Colquitt-Carruthers Inc., one of the area's leading real estate brokers, will close six offices temporarily on April 15. It also has laid off some personnel and cut back paychecks.
"We've decided to set the example" (for the industry), said Gordon Carey, executive vice president, noting that all major real estate firms are working on cost-cutting plans. He added that he knows of four small brokers who will be closing some offices in the next few weeks.
The Colquitt-Carruthers offices to be closed are in Darnstown, Rockville North, Democracy, Dupont Circle, Woodbridge and Potomac. The hundred-plus agents working out of those offices will be asked to transfer to some of the remaining 24 residential offices. Most salaried personnel also will be transferred. Six persons in the central office will be fired.
In addition, branch managers' stipends will be trimmed by an average of 11.2 percent, reflecting the slow-down in property settlements. Managers will continue to receive the customary 18 percent guarantee of gross company dollars, but due to shrinking sales their take-home pay will decrease by several hundred dollars a month. The firm's president, John T. Carruthers, also has taken a "significant" salary cut, Carey said.