Mills Plans More Layoffs

The mall REIT confirms that its head of development is leaving.
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Troubled mall owner

Mills Corp.

(MLS)

named a new chief financial officer and said it plans to cut 70 jobs, many of which were in its development division, in an effort to save money.

The layoffs, implemented last week but disclosed in a

Securities and Exchange Commission

filing Wednesday, will result in a charge of $3 million in the first quarter.

In its filing, Mills

confirmed the departure of Jim Dausch, the company's president of development. His departure is effective May 2.

Mills said it expects that Dausch will serve as a consultant on its ongoing Xanadu project in New Jersey's Meadowlands.

The company also said that Richard Nadeau, who was hired last month as an executive vice president in its finance and accounting department, is currently in transition to take over the chief financial officer position from Mary Jane Morrow. Mills didn't say if Morrow, who is helping Nadeau in the transition, will eventually leave the company.

Mills, which is facing an SEC investigation and shareholder lawsuits related to ongoing accounting issues, has already had at least two rounds of layoffs this year. The company said in January that 17 officers were leaving the company or being laid off. In February, the company said it would eliminate 77 further positions, and also announced at the time that it is exploring a possible sale.