Supply chain providers cut more than 1,200 jobs as Amazon, Temco, FHI lead layoffs

Industry
โดย FreightWaves·Read original
Summary · why it matters

Companies across the freight economy disclosed plans to eliminate at least 1,222 jobs from July 10 through July 24, with Amazon, Temco Logistics, and Freight Handlers Inc. accounting for most of the layoffs. Amazon plans to temporarily close its 1 million-square-foot fulfillment center in Port St. Lucie, Florida, and lay off 494 employees while the property undergoes a $200 million renovation, with the facility scheduled to close September 17 and reopen in late 2028. Temco Logistics disclosed 223 layoffs across three states as it discontinues flatbed delivery operations nationwide, while Freight Handlers Inc. filed a notice covering 168 employees at five Publix Super Markets distribution centers in Florida after losing its third-party unloading contract. Additional permanent closures or workforce reductions were announced at facilities operated by GEODIS, CJ Logistics America, GXO Logistics, Niagara Bottling, and International Paper. The period also saw 10 transportation, distribution, and freight-dependent businesses seek Chapter 11 bankruptcy protection, including Eagle Logistics LLC, a New Jersey-based carrier with 151 power units and 242 drivers.

Impact on stocks 4

Industrials▼ · 2 stocks
GXO Logistics Inc
GXO
▼ NegativeDemandrelevance

GXO Logistics is mentioned as having additional permanent closures or workforce reductions, indicating reduced demand for its services.

CJ Korea Express
000120
▼ NegativeDemandrelevance

CJ Logistics America is mentioned as having additional permanent closures or workforce reductions, indicating reduced demand.

Artificial Intelligence▼ · 1 stocks
Amazon.com Inc
AMZN
▼ NegativeSupplyrelevance

Amazon is temporarily closing a fulfillment center and laying off 494 employees for renovation, reducing operational capacity.

Materials▼ · 1 stocks
International Paper
IP
▼ NegativeDemandrelevance

International Paper is listed among companies with additional permanent closures or workforce reductions, suggesting lower demand.

Off-coverage companies 4

Freight Handlers Inc.Private▼ Negative
Demandrelevance

Freight Handlers Inc. lost its third-party unloading contract with Publix, leading to 168 layoffs.

Eagle Logistics LLCPrivate▼ Negative
Capitalrelevance

Eagle Logistics LLC filed for Chapter 11 bankruptcy protection, a financial distress event.

GEODISPrivate▼ Negative
Demandrelevance

GEODIS announced permanent closures or workforce reductions, indicating reduced demand for its services.

Niagara BottlingPrivate▼ Negative
Demandrelevance

Niagara Bottling announced permanent closures or workforce reductions, indicating reduced demand for its products.

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