Genesis looks to restructure
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.