Simon Property Furloughs 30% of Staff as Cost Cut Amid Pandemic

Simon Property, the largest U.S. mall operator, is furloughing 30% of its staff as a cost cut during the coronavirus pandemic, a media report says.
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Simon Property Group  (SPG) - Get Report, the largest U.S. mall operator, will furlough 30% of its workforce to cut costs as the coronavirus has crippled major sectors of the world economy. 

The furloughs affect full- and part-time employees at its malls and outlets nationwide, as well as its headquarters in Indianapolis, CNBC reported.

CEO David Simon will forgo his salary for the duration of the pandemic, the news service reported. Upper-level managers will see their compensation reduced by up to 30%. 

As of the end of 2019, Simon had about 4,500 employee, of which 1,500 were part-time, according to its most recent SEC filing. About 1,000 of those employees worked in Indianapolis. 

With stay-at-home and shelter-in-place orders all around the country and people avoiding large crowds, the retail sector has been especially hit by the coronavirus pandemic. 

Simon Property Group joins a list of retail and related companies that have resorted to cost cuts to manage through the coronavirus pandemic. 

On Monday, Macy's  (M) - Get Report said it would furlough most of its employees beginning this week as the store closings forced by coronavirus take a toll on the Cincinnati retailer. 

Last week, Tailored Brands  (TLRD) - Get Report said that it was furloughing all U.S. store employees after extending its store closures until at least May 4. 

Victoria's Secret parent L Brands  (LB) - Get Report suspended its dividend and said it was furloughing workers last Friday. 

Kohl's  (KSS) - Get Report said it was extending store closures indefinitely while also furloughing its store and store distribution employees.