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Pennsylvania REIT furloughs 37% of staff amid coronavirus crisis from SNL Real Estate Daily Pennsylvania REIT furloughs 37% of staff amid coronavirus crisisByline: Ali Imran Naqvi Pennsylvania Real Estate Investment Trust last week furloughed 37% of staff as part of efforts to stabilize cash flow while operations are temporarily suspended amid the coronavirus pandemic. The furlough impacted 41 corporate office and 62 property staff. If the situation persists longer than expected, the company expects to take additional measures to further cut expenses. The regional mall real estate investment trust applied for stimulus funds available through the Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act, which are being pursued through the Paycheck Protection Plan. The REIT is also donating food and parking lot activations to support its operating tenants and local community partners. |
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