Flexport Planning To Cut 20 Percent Of Its Staff
Flexport is planning to cut nearly 20 percent of its staff, according to a report filed by The Information. It would mark the third major round of job cuts in just over a year at the SoftBank-backed logistics startup, the report added.
The company's CEO Ryan Petersen had informed the employees about the layoff decision back in October 2023.
The implementation of the layoffs comes after Shopify invested 260 million dollars in Flexport.
"Since I came back to the role of CEO last fall, our team has made massive progress toward returning Flexport to profitability", said Petersen in a LinkedIn post.
"Further strengthening our cash position with this investment should send a strong message to customers that Flexport is building a long-term sustainable business that will continue to deliver best-in-class technology and services for global businesses," he added.
