Brookfield Property Partners (NASDAQ:BPY) surges 7.8% in premarket trading after CNBC reports that its retail arm plans to cut ~20% of its workforce as the mall owner re-aligns to the “future scale” of its portfolio.
Jared Chupaila, CEO of Brookfield Property’s retail group, told employees in a memo that the cuts would affect both its corporate headquarters and leasing agents in the field.
It’s unclear exactly how many employees the group has.
Brookfield owns more than 170 retail properties in 43 states, including Brookfield Place in New York City and Fashion Show Mall in Las Vegas, according to its website. In 2018, Brookfield acquired mall owner GGP for $9.25B, adding a number of malls to its portfolio.
