Flexport to cut 20% of workforce as it eyes return to profitability
Flexport, a freight forwarder and customs brokerage firm, announced that it will be laying off 20% of its workforce starting on October 13th. CEO Ryan Petersen assured employees that these reductions would not impact customer service and expressed confidence in the company's ability to return to profitability. Layoffs will continue into next week, and severance packages will vary by location. Flexport also plans to provide support to departing employees in finding new job opportunities. These layoffs come after an initial round of layoffs earlier this year and the departure of the company's former CEO.
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Frequently Asked Questions
Q: What is Flexport?
A: Flexport is a logistics provider that aims to make global trade easy for everyone. They offer services to help businesses with their supply chains. source
Q: Is Flexport planning to cut its workforce?
A: Yes, Flexport plans to cut up to 30% of its workforce by the end of October. This decision is part of their effort to return to profitability. source
Q: Will the workforce reduction impact customer service?
A: Flexport has stated that the reduction in workforce will not impact customer service or their ability to help grow their customers' businesses. source
Q: How many employees will be affected by the workforce reduction at Flexport?
A: The reduction in workforce at Flexport will impact about 600 employees. source
Q: Is this the first time Flexport is reducing its workforce?
A: No, this is not the first time Flexport is reducing its workforce. They previously laid off up to 30% of their workforce and are now implementing a second round of reductions. source
Q: Why is Flexport reducing its workforce?
A: Flexport is reducing its workforce to improve profitability and return to financial stability. source
Q: How much of the workforce will be cut by Flexport?
A: Flexport plans to cut up to 30% of its workforce. source
Q: Is the reduction in workforce due to the impact of trade or other factors?
A: The reduction in workforce at Flexport is not specifically linked to the impact of trade. It is primarily an effort to improve profitability and financial stability. source