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Plus, electric trucks are costing more to operate than anticipated, Peloton claims Flexport cost them millions, and a truck driver passed out after police found cocaine in his cab.
CEO Ryan Petersen has emphasized the necessity of these tough decisions to guide Flexport back to a profitable state.
Flexport, a prominent digital freight forwarding company, will significantly reduce its workforce. The company reportedly plans to lay off nearly 20% of its staff, approximately 500 employees.
Reasons Behind the Layoffs:
CEO's Insight on Company's Direction:
Earlier Staff Reduction:
In October 2023, Flexport performed a similar round of layoffs, letting go of nearly 20% of its staff at the time, or approximately 600 employees. The company also laid off 700 employees in January 2023.
Source: WSJ
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