Sunrise Senior Living

Sunrise Senior Living Inc., which filed its 2007 financial results Thursday, posted a $70.3 million loss for the year.

One of the nation’s largest senior living providers also announced it would reduce its growth plans.

The red ink in 2007 for the manager of 445 retirement communities compares to a restated profit of $15.3 million in 2006.

Sunrise expects to file its first quarter 2008 financial report later this month and its second quarter report by Sep. 10.

Citing the current state of capital markets, Sunrise said it would decrease by up to 50 percent its 2008 plan to develop as many as 3,400 living units. The company also set a goal of saving at least $15 million on an annual basis by starting a voluntary separation program for employees while cutting spending on consultants, vendors and administrative costs.

This month, Paul Klaassen said he will step down as chief executive after leading the company for 27 years. Sunrise has been struggling with accounting irregularities and accusations of insider-trading, according to McKnight’s Long Term Care News, an industry trade publication.