BPYU - Brookfield Property Is Laying Off 20% of Its Retail Workforce
Brookfield Property (NASDAQ: BPY) (NASDAQ: BPYU) plans to lay off 20% of its retail-related workforce, according to a report by CNBC. The global property owner, which has more than 170 retail properties in its portfolio, plans to make cuts to its corporate staff and leasing agents. The move will better align its workforce "with the future scale of our portfolio," according to Jared Chupaila, the CEO of Brookfield Property's retail group, in an email obtained by CNBC.
Brookfield is the latest mall owner to reduce its workforce due to the impact COVID-19 has had on the retail sector. Industry leader Simon Property Group (NYSE: SPG) furloughed 30% of its employees in March when it shut its malls to slow the spread of coronavirus. Simon also permanently laid off some workers, cut the base salaries of certain employees by 10% to 30%, and substantially reduced capital spending by suspending and eliminating more than $1 billion of new and redevelopment projects. Simon also cut its dividend, which Brookfield has been reluctant to do.
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Brookfield Property Is Laying Off 20% of Its Retail Workforce