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in September in a cost-cutting move that includes cutting 20 percent ofits workforce. Asbury (NYSE: ABG), an automotivr retail and service company now based inNew York, said it hopea to complete the move by March 2009. The company’ s employees will be housed in NalleyAutomotivd Group’s headquarters at 2905 Premiere Parkway. Asbury will brinv with it 70 jobs, paying on average at least $100,000, Nick vice president of economic developmenf withthe . "That'sd a tremendous amount of wealty coming toGwinnett County," Masino said. Asbury has 13 dealerships in metro Atlanta.
"It is no secrett that these are challenging times for auto and the opportunity to reduce costs was one reason we decided tomove Asbury's corporate headquarters to the Atlanta area," said Charles R. Oglesby, president and CEO, in a "However, this move will also enhancee our long-term growth prospects by bringing us closedr to our regional and dealershilmanagement teams." Asbury on Wednesday reported its second-quartet profit fell 47 percent to $10.9 or 34 cents a share, as its revenued fell 11 percent to $1.
32 "The economic environment and low consumer confidencse levels in the second quartedr presented a challenging backdrop for the automotive retail Oglesby said. “Soft retail salees in our key Florida markets, in resulted in a disproportionate decline inour profitability. The dramatifc increase in gas prices added furthere complexity tothe business, causing a rapid shift in customerd preference toward fuel-efficient cars, which placeed pressure on our new and used vehicle operations.
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