Mills Restructures, Cites Added Layoffs

The Mills Corp., a real estate investment trust based in Arlington, Va., has announced a restructuring that involves further layoffs, a new reporting structure, and the naming of Richard J. Nadeau as executive vice president for finance and accounting.The additional layoffs, involving approximately 70 employees, brings the total reduction in force over the past three months to approximately 160, the retail and shopping center REIT said. Under the new structure, units related to leasing development, marketing, and external communications will report directly to Mark S. Ordan, the company's new chief operating officer. Mr. Nadeau is expected to become the company's chief financial officer, and he will "strengthen the company's financial reporting team and assist in the previously disclosed restatement process and the consideration of strategic alternatives," the REIT reported. The company can be found online at http://www.themills.com.