The nation’s biggest, which had temporarily closed all of its properties, is now shedding nearly a third of its workforce.
Simon Property Group has furloughed an estimated 30% of full- and part-time employees due to the coronavirus pandemic, and some employees were permanently laid off, according to an anonymous company source in a report by CNBC.
In addition, the source told CNBC that CEO David Simon would not take a salary during the pandemic and that salaries of upper-level managers at the real estate company will be cut by up to 30%.
Simon had roughly 4,500 employees, of which 1,500 were part-time, according to its latest annual filing. About 1,000 of those people worked from Simon’s Indianapolis headquarters.