Flexport Cuts Jobs, Plans to Unload Excess Warehouse Space

Logistics company Flexport is making fresh job cuts and will sublease excess warehouse space to overhaul the money-losing fulfillment business it acquired from Shopify last year, according to a memo to staff on Wednesday.

Flexport, which was valued at $8 billion in a 2022 funding round, has seen revenue drop since then amid a broader collapse in freight markets. At the same time, it has struggled to fit the fulfillment acquisition into its main business of helping companies arrange ocean and air freight.