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WP Glimcher exec terminated without cause

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WP Glimcher exec terminated without cause

WP Glimcher Inc.terminated Thomas Drought Jr.without cause from his role as executive vice president, director of leasing, July14.

The termination of Drought, as well as additional associates,is part of the company's organizational streamlining effort to save overhead costs.

WP Glimcher expects the moves, as well as the charges tied toseverance and related costs to the managementchanges and fees incurred in line with its review of strategic alternatives,to result in a total charge ranging from $21.5 million to $22.5 million to its second-quarterfinancial results, including roughly $9.5 million associated with noncash charges.

The company said it has continuously adopted measures that itexpects will yield annualized savings of $5 million per year to planned overheadexpenditures.