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Stock Market & Financial Investment News

News Breaks
December 30, 2010
12:08 EDTAACCAsset Acceptance closes Cleveland collections office
Asset Acceptance announced that it will be closing its Cleveland, Ohio collections office. Once substantially completed, the closing of the office is expected to reduce the company's operating expenses by approximately $3M per year. In connection with closing the Cleveland collections office, the Company will incur approximately $1.5M , or 3c per fully diluted share after the effect of taxes, in restructuring charges during Q4. The company also will incur a charge of approximately $5.3M, or 10c per fully diluted share after the effect of taxes, during the Q4 resulting from the termination for performance of a relationship with a third party service provider. The company expects the action to provide operating expense savings of approximately $7.5M in total over the next three years.
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