Brookfield Properties’ Retail Arm Is Laying Off 20% Of Its Workforce, As Pandemic Hits Malls

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, the 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.” Read more at CNBC.