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.