Flexport, a US-based logistics startup plans to cut 30 per cent roles by the end of October. The planned cuts will reportedly affect 1000 out of its 3,300 members of its staff. However, the company is yet to confirm the actual numbers.
The move has reportedly been anticipated ever since a change took place in the company’s senior-executive level in September. It is also a part of the company’s efforts to stabilise its financial situation, restoring its profitability, in response to a significant drop in revenue.
The company is currently focusing on safeguarding its customer-service quality and maintaining the company’s ability to support the growth of its customers’ businesses.
Over the past four weeks, a minimum of 11 executives have been let go. This includes Teresa Carlson, a former executive from Microsoft and Amazon, who had assumed the role of president and chief commercial officer at Flexport in January. Additionally, the company has retracted employment offers for numerous individuals who had recently joined the company or were about to commence their roles.
In January, the company reduced its worldwide workforce by approximately 20 per cent, cutting 600 roles. At the time, the decision was in response to declining demand for freight services and as part of a strategic shift towards expanding its supply-chain services.
Flexport is a tech-driven logistics firm, with active office locations in India’s Mumbai and Chennai. It offers a range of services including freight forwarding, customs brokerage and supply chain solutions, assisting Indian businesses in global trade operations.
