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RioCan cuts nearly 10 per cent of staff in efficiency push as condo market slows

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TORONTO — RioCan Real Estate Investment Trust says it cut almost 10 per cent of its staff in October as it deals with a slowdown in the condo market and overall pushes for greater efficiency.

The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.

"The trend in development certainly led to a restructuring of that group specifically, but I wouldn't say that that was the only reason for this." While the condo market is in a rough patch, the company's core business of retail leasing is showing strong demand with RioCan reporting a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.

 

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RioCan cuts nearly 10% of its staff in efficiency push as condo market slowsThe company says the cuts will mean about $9-million in restructuring charges and should translate to about $8-million in annualized cash savings
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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slowsTORONTO — RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
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