PREIT furloughs 37% of its workforce
Large mall owner PREIT girded itself further against the coronavirus shutdown by furloughing 62 employees at its properties and 41 corporate office employees.
Last week, PREIT added $300 million in liquidity to its operations with a 90% cut in its quarterly dividend and an 11% reduction in capital spending.
"The task ahead of us all is to make every effort to bring health-and-wellness to the communities we serve and support one another in our pursuit of regaining normalcy," said CEO Joseph F. Coradino, "PREIT continues to make strides in positioning the company and our partners for future success."
PREIT has submitted an application for stimulus funds through the CARES Act’s Paycheck Protection Plan, which is being administered jointly through the Treasury and the Small Business Administration.