U.S. mall owner Brookfield Properties to cut 20 percent off its retail staff

One of the largest U.S. mall owners, Brookfield Property Partners LP, is expected to cut its workforce by 20 percent as shopping malls and retailers across America continue to be negatively impacted by Covid-19.

The company sent a memo to its staff on Monday, confirming 20 percent of the company’s retail arm would be let go. According the Bloomberg the retail unit employs more than than 2,000 workers.

Brookfield acquired mall owner GGP Inc for 15 billion dollars in 2018, betting big on retail success in the U.S. According to Craine’s New York Business, Brookfield’s shares have dropped approximately 40 percent this year.

In May, Brookfield Asset Management Inc., the parent company of Brookfield Property Partners, announced a plan to invest 5 billion dollars to take minority stakes in retailers that have been hit hard by the pandemic.

Shopping Mall image via Pexels