St. Joe Company Cuts Jobs

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Company spokesman Chris Corr said in a statement that the company is merging its commercial, land, and towns and resorts divisions into one company that will be known as just the Saint Joe Company.

Corr says this is in response to the slowdown in the Florida real estate market. He declined to say exactly how many employees are losing their jobs, but said the company will release more detailed information on Tuesday.

Saint Joe currently owns 825,000 acres, mostly here on the panhandle. The company recently announced that its net income was $19 million for the second quarter, nearly half of what it was during the same quarter last year.