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Investing.com — Brookfield Property Partners (NASDAQ:BPY) and Ralph Lauren (NYSE:RL) are both turning to lay offs to stay afloat.
Brookfield Property Partners is cutting about 20% of its staff between corporate headquarters and leasing agents in the field, CNBC reported. Shares rose more than 2% on Tuesday. The stock is down 40% in 2020 as the coronavirus led to mandates to stay home and curb the spread of the virus.
The mall owner has decided to make cuts “to align with the future scale of our portfolio,” Chief Executive Officer of the retail group Jared Chupaila said this week in an email to employees, which was obtained by CNBC.
Ralph Lauren is simplifying its global organization structure and investing in technology, the company said in a statement. Ralph Lauren shares rose 1% before turning down.
“The changes happening in the world around us have accelerated the shifts we saw pre-COVID, and we are fast-tracking some of our plans to match them – including advancing our digital transformation and simplifying our team structures,” Chief Executive Officer Patrice Louvet said.
Ralph Lauren will consolidate its global marketing and branding functions, create a new segment on consumer intelligence and experience, and reorganize its corporate merchandising teams.
The company will roll out a cloud-based human resources and planning system globally, and will continue to invest in technologies that help deliver an enhanced consumer experience.
