Real Estate Firm Avenue Living Lays Off Sales Staff Amid Fund Freeze

Canadian investment firm Avenue Living Asset Management Ltd. let go of nine salespeople ahead of potential plans to go public.

The layoffs are happening because the company’s needs are changing “to support a public-market structure,” Joel Shaffer, an outside spokesperson for the firm, said in response to an inquiry from Bloomberg News. The nine people were given working notice, and their departures aren’t a reflection of performance, he said.