Macerich to Cut 142 Jobs

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Macerich Co. said late Wednesday it would take a $5 million charge in its first quarter to cover a 5 percent workforce reduction that it expects to complete by the end of March.

After the markets closed, the Santa Monica shopping mall owner said in a regulatory filing that it would cut 142 employees from its total workforce of 2,845 as it adjusts to reduced demand to develop and redevelop retail properties. The real estate investment trust has 72 regional malls in 11 states, including California, New York and Texas.

Macerich Co. earlier this month said higher rents on new leases at its shopping malls helped it achieve a 58 percent increase in fourth quarter profits and 39 percent growth in funds from operations. But the company also lowered its outlook for the current year

Prior to the announcement, Macerich shares closed up 84 cents, or 7.5 percent, to $12 on the New York Stock Exchange.

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