Salt Lake City-based Extra Space Storage, a fully integrated, self-administered, and self-managed real estate investment trust, that owns and/or operates self-storage properties, has announced a merger-related reduction in force.
The reduction in force will impact 150 Life Storage employees located in Buffalo, New York, and occur between July 20, 2023 and October 15, 2023.
According to Extra Space Storage CEO Joe Margolis, "We are prepared for the smooth integration of Life Storage, and we believe this combination gives the combined company an even more formidable portfolio, team, and platform, with over 3,500 stores across 43 states. We are confident we will achieve at least $100 million in underwritten annual run-rate synergies, and that we will unlock additional synergies resulting from our increased scale."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?