Brookfield Properties laying off 20 percent of retail workforce

It's no secret that malls took one of the worst hits over the coronavirus pandemic. Which means, a serious dent in mall owner Brookfield Properties revenue. As a result, the company will now be laying off 20 percent of their retail unit workforce. The news was reported by CNBC.

Brookfield's retail arm currently has over 2000 employees. Employees found out about the job cuts via a memo. Brookfield has declined to comment further than the memo that was sent out to employees.

Brookfield purchased mall owner GGP Inc. for 15 billion dollars in 2018 as part of its plan to expand its retail portfolio. However, the growth of e-commerce, which was only further accelerated by the coronavirus pandemic, has put a damper on their plans for retail growth.

However, Brookfield is thinking long-term about their strategy. The company is looking at investing 5 billion dollars into companies that have been hit hardest by the coronavirus pandemic, and in return Brookfield would become minority shareholders of these companies.