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Brixmor Property Tanks on Accounting Issues, Jim Cramer Says Avoid It

Shares of shopping center operator Brixmor Property Group (BRX) tanked on Monday after three of its top executives resigned following an accounting review. ‘This is a company that has really good properties, said Jim Cramer, portfolio manager of Action Alerts PLUS. ‘And yet when we’ve seen these kinds of things the stocks just don’t bottom. So I’m going to urge people not to bottom fish Brixmor.’ Cramer said investors need to find out what is going on with the company before considering the stock. At midday, the shares had plunged nearly 20%. Brixmor is the largest landlord to the TJX Companies (TJX) and Kroger (KR). In a statement, Brixmor’s Board Chairman John Schreiber said ‘the board is disappointed to have learned of the conduct and lack of appropriate management supervision uncovered as a result of the Audit Committee review.’ Brixmor named Daniel Hurwitz as its interim CEO.

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