Brookfield Property Is Laying Off 20% of Its Retail Workforce

Brookfield Property (NASDAQ: BPY) (NASDAQ: BPYU) plans to lay off 20% of its retail-related workforce, according to a report by CNBC. The global property owner, which has more than 170 retail properties in its portfolio, plans to make cuts to its corporate staff and leasing agents. The move will better align its workforce "with the future scale of our portfolio," according to Jared Chupaila, the CEO of Brookfield Property's retail group, in an email obtained by CNBC.