Toll: Layoffs possible if slump worsens

The Philadelphia Inquirer reports:

Toll Bros. Inc. said yesterday that it would look to lay off employees before reducing home prices if the nationwide housing slowdown deepened.

"If things got tougher, we would look more at shedding overhead costs - unfortunately, eliminating employees, doing the tough stuff that management is supposed to do in order to balance the ship," said Robert Toll, chairman and chief executive officer, in response to an analyst's question during a conference call. The analyst asked about Toll's declining number of orders for houses.

A housing story.