|FOREST CITY REALTY TRUST, INC. filed this Form DEFA14A on 10/04/2018|
All associate email Property staffing decision
Hi, everyone. Im writing today with an important transition update as part of the companys commitment to communicating decisions as timely as possible.
Brookfield continues to meet regularly with our teams across all areas of the business to finalize a transition plan and to facilitate its smooth implementation following the closing of the proposed acquisition of Forest City. This is a complex transaction, and all parties are committed to undertaking a thorough and thoughtful planning process.
As the first of many related decisions to be made as part of this process, Brookfield has informed us that once the transaction has closed, it intends to retain all on-site, property-level associates (in the absence of serious performance concerns). Previously, we have shared that Brookfield has committed to, for at least one year following the closing of the merger, providing continuing associates with salary no less favorable than their current salary, and health and welfare benefits substantially similar to those currently provided. Also, our current 3+3 enhanced severance program will follow eligible associates for up to two years following the close.
Todays announcement reflects our previous acknowledgements that the transition planning process will progress more quickly for some parts of the business than others. We know the decision regarding property-level associates may spur questions from those of you in management and support areas about your own roles.
It is important to remember that the extensive transition planning work continues daily and that many other aspects of the transition plans will be finalized and communicated in the coming weeks and months.
Also of note is the fact that Forest City and Brookfield continue to be separate businesses, and no structural or employment-related actions in the transition will occur prior to the anticipated stockholder vote and closing, which is expected in the fourth quarter.
Thank you for your continued hard work and patience during the transition planning process. We will continue to work closely with Brookfield and will communicate updates to you as soon as we have them.
As a reminder, our initial (effective July 31) and supplemental (added September 13) FAQs, as well as our question form, are all available on our MainStreet resource page.