Brookfield to Lay Off 20 Percent of Employees

Brookfield Properties (New York) is laying off roughly 20 percent of its retail arm, which will affect both its leasing agents and corporate headquarters staff, according to CNBC. Its retail division employs approximately 2000 people.

Brookfield’s CEO of its retail group Jared Chupaila reportedly said in an email to employees that the cuts were being made in order to “align with the future scale of our portfolio,” CNBC reports. In the same email, Chupaila also said, “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.”

The company owns more than 170 retail properties in 43 states across the U.S