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General Employment settles lease dispute

April 08, 2014

General Employment Enterprises Inc. (NYSE MKT: JOB) will pay Long Ridge Office Portfolio L.P. $125,000 to settle a lease dispute. General Employment entered into the settlement agreement on April 2.

Long Ridge in November filed a complaint in the Circuit Court of DuPage County against General Employment seeking monetary damages in the amount of at least $482,354.49 in unpaid rent for the lease of 8,211 square feet of office space in Oakbrook Terrace, Ill., to General Employment.

According to the settlement agreement, General Employment will pay $125,000 to Long Ridge in two installments: $100,000 due immediately, and the remaining $25,000 due 30 days after execution of the agreement. The initial $100,000 was immediately paid upon the execution of the agreement.

“Coming to a settlement agreement with Long Ridge is just another step in our continued progression to get the company to financial stability,” said General Employment CEO Andrew Norstrud. “We have consolidated our administrative offices into our Naperville office, which will save the company a significant amount annually.”