Realogy Selling Relocation Biz

More news on big brokerage companies liquidating. Sotheby's and Corcoran's parent company Realogy is selling its relocation business for $400M. Saddled with $3.5 billion in total debt, Realogy said Thursday that it will sell Cartus’ relocation business to SIRVA, a relocation company that owns Allied Van Lines. The deal does not include recent affiliations meant to drive business, such as partnerships with Amazon and AARP. Ahead of its earnings report, Realogy’s stock closed at $9.59 per share on Wednesday with a $70M loss in 3Q. That’s up dramatically from $4.94 per share in early September. But it’s still a steep drop from the $18.49 it was trading a year ago.

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