Brookfield Properties' retail arm is laying off 20% of its workforce, as pandemic hits malls
Source: CNBC
One of the biggest retail real estate owners in the country, Brookfield Properties, is going through a major round of job cuts, CNBC has learned, as the coronavirus pandemic takes a toll on its business and new leasing activity at its malls dries up.
“While many companies were quick to implement furloughs and layoffs at the onset of the pandemic, we made the conscious decision to keep all our team employed while we gained a better understanding of its longer-term impact on our company,” Jared Chupaila, CEO of Brookfield Properties’ retail group, said this week in an email to employees, which was obtained by CNBC. However, he said, the mall owner has now decided to make cuts “to align with the future scale of our portfolio.”
Chupaila said the reductions are going to affect roughly 20% of the company’s workforce, across both its corporate headquarters and leasing agents in the field. Brookfield Properties’ retail division employees about 2,000 people.
Brookfield Properties has more than 170 retail properties in 43 states, according to its website, including Brookfield Place downtown in New York City and Fashion Show Mall in Las Vegas. It added a number of malls to its portfolio when it acquired Chicago-headquartered mall owner GGP for $9.25 billion in cash back in 2018.
Read more: https://www.cnbc.com/2020/09/22/brookfield-properties-retail-arm-is-laying-off-20percent-of-its-workforce.html
With a pandemic, and Trump's distractions, you have large retailers quietly instituting mass layoffs. Local governments, retailers and restaurants have been cutting employees, but this has largely gone under the radar screen.
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And don't worry Trumpsters - the economic fallout from this nightmare is going to hit you too. 