Genesis looks to restructure

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Genesis HealthCare CEO George Hager said the battered nursing home chain hoped to save $54 million per year with new leases — once landlords Welltower Inc. and Sabra Health Care REIT sold their Genesis holdings. 

Hager also told listeners on an earnings call Nov. 9 that the company was suffering through the “most protracted and complex down cycle in our history.”

Restructuring efforts could create $100 million in savings, he said. Genesis had an overall net loss of $615 million on revenue of $1.3 billion in the quarter ending Sept. 30.