CBL Properties furloughs 60% of its workforce

Chattanooga-based CBL Properties, one of the nation’s most omni-present mall owners with 108 properties in 26 states, has been forced to furlough almost 60% of its employees due to COVID-19 shutdowns.

In addition, the company has cut $60 million to $80 million from planned capital expenditures for 2020 and has instituted pay cuts for key executives. CEO Stephen Lebovitz, along with president Michael Lebovitz and board chairman Charles Lebovitz, have agreed to reduce their salaries and independent director fees by 50%.

Other CBL officers will take 20% pay cuts and a 10% cut will apply to the rest of the workforce.

“The pandemic has brought about extraordinary trials that no one could have predicted, but every CBL team member has risen to the occasion,” Stephen Lebovitz. “We must take difficult, but necessary steps to ensure CBL is positioned to sustain the impact of the pandemic and generate success in the future.”