Asset Acceptance to Close Two Offices

As part of a dramatic cost-reduction plan, Asset Acceptance Capital Corp. has said it will close two of its offices: one in Michigan and one in Maryland.

The hope is that, by consolidating operations within fewer locations, it will allow the company to more efficiently make use of available office space.

As outlined in their earnings release, by shifting employees to alternative locations with unused capacity, Asset will, over the next 18 months, reduce the total square footage currently under lease by more than 10 percent, resulting in long-term occupancy cost savings estimated to be approximately $1.5 million annually.

Asset Acceptance anticipates that the office in Maryland will cease to be in service in the third quarter of 2007 and the Michigan office in the fourth quarter of 2007.

"Although the decision to consolidate our operations in markets throughout the country exemplifies our ongoing commitment to disciplined expense management, it is important to understand that these office closures are intended to reduce our square footage and related occupancy costs, not our internal workforce," said Bradley.