Brookfield's Ron Bloom will direct the retail relief effort.
Brookfield is betting five billion bucks on retailers to make it through the COVID-19 pandemic.
Brookfield Asset Management issued a press release pledging that amount to assist in recapitalizing troubled retailers operating in markets where the company’s malls are located. Called the Retail Revitalization Program, it will concentrate on retailers with $250 million or more in normalized revenues that have been operating for at least two years.
Leading the effort is Ron Bloom, who played a major role in crafting the restructuring of the United States automobile industry on behalf of the government in 2008. Bloom is currently the managing partner and vice chairman of Brookfield’s Private Equity Group.
This initiative is being designed to assist medium-sized enterprises in getting back on their feet,” Bloom said in a statement. “We believe this is a critical component to getting the economy moving again, and we would like to partner with companies and entrepreneurs that can draw on our capital and expertise to stabilize and grow their business.”
In addition to capital, Brookfield says it will lend retailers the expertise it has gained as one of the largest global investors in both real estate and private equity.
“We look forward to contributing capital and expertise to support the retail sector through this time and position businesses for long-term success,” Bloom said.