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General Employment Enterprises Inc. (AMEX: JOB) announced Monday it's taking a series of steps to turn the company around, and has closed three unprofitable branches so far this year. CEO Herbert Imhoff Jr., said more closures could take place.
"Our overall operational performance is unacceptable by any standards, and as a result, we will be closely examining the performance and potential of all of our offices," Imhoff said.
The announcement comes after the company's third-largest shareholder, Timothy Stabosz, said in a filing with the U.S. Securities and Exchange Commission last month that management should consider selling the company and that the top executive's pay was too high.
General Employment had revenue of $3.9 million in its fiscal second quarter ended March 31, 2008.