Tenet Subsidiary to Close Irvine Regional Hospital and Medical Center
Tenet Healthcare Corporation (NYSE: THC) today announced that a company subsidiary plans to close Irvine Regional Hospital and Medical Center, including its emergency room, on Jan. 15, 2009. As required by state law, the Tenet subsidiary is providing 90 days notice to local and state authorities.
The building is owned by HCP, a real estate investment trust located in Long Beach, Calif. Tenet had previously announced its intention to allow its lease at Irvine Regional to expire in Feb. 2009.
Tenet has been advised by HCP that its new lessee will not accept an operating hospital when its lease commences with HCP. Because of this, HCP has requested Tenet to return the Irvine property as a closed hospital. In order to ensure that Tenet meets this obligation, the facility will be closed on Jan. 15, 2009.
Prior to the closure, Tenet will work to facilitate transfers for its current Irvine Regional employees to available positions at other Tenet hospitals in accordance with its existing labor agreements and Tenet policy.
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