Posted on January 29, 2024
Jan 26 (Reuters) – U.S. logistics startup Flexport is planning to lay off about 20% of its workforce in the coming weeks, The Information reported on Friday citing people familiar with the matter.
Flexport did not immediately respond to a Reuters request for a comment.
Reuters had reported in October Flexport was planning to lay off up to 30% of its workforce by the end of the month following a CEO change.
Flexport is one of the most valuable U.S. logistics startups, with $2.3 billion in funding so far and an $8 billion valuation.
The company acquired Shopify Logistics under former CEO Clark, adding business-to-business distribution and last-mile delivery to the company’s portfolio of services, but raising questions on profitability and cost.
