The Canadian PressJonathan Gitlin, CEO of RioCan Real Estate Investment Trust, joins BNN Bloomberg to discuss the company's latest earnings and outlook for the future.
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. RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
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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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