Business Services Industry
Westlake Village, Calif.-Based Homestore.com Pins Hopes on Change.
Knight Ridder/Tribune Business News, May, 2002
By Evan Pondel, Daily News, Los Angeles Knight Ridder/Tribune Business News
May 22--WESTLAKE VILLAGE, Calif.--Foundering real estate portal Homestore.com hopes to lay a new foundation today, enacting several changes at its annual shareholders' meeting.
The Westlake Village-based company has been hit by a swarm of lawsuits in recent months amid an alleged accounting scandal that has sent the company's shares into a relentless tailspin.
Signs of Homestore's reform began in February when the company eliminated 300 jobs and announced plans to sell its eNeighborhoods business unit. But analysts say the company has ample room for improvement until profits start to percolate.
"They can't just slap any old paint job on the company anymore,"...
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