FedEx's freight unit to furlough workers By Reuters

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FedEx's freight unit to furlough workers

Stock Markets Nov 14, 2022 04:26PM ET

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FedEx's freight unit to furlough workers

© Reuters. FILE PHOTO: FedEx air freight cargo planes parked at a FedEx regional hub at Los Angeles International Airport (LAX) in Los Angeles, California, U.S., September 16, 2022. REUTERS/Bing Guan/File Photo

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(Reuters) -FedEx Corp's freight division is furloughing employees in some U.S. markets as current business conditions are hurting its volumes, the package-delivery company said on Monday.

The move comes barely a week after the Memphis, Tennessee-based company warned of lower-than-expected delivery volumes in the United States as the pandemic-driven e-commerce bubble deflates.

The company "will continue to evaluate the environment and bring back furloughed employees as business circumstances allow," FedEx (NYSE:FDX) said in an emailed statement.

Some eligible employees will be offered permanent transfer opportunities to other markets that have hiring needs, it added.

FedEx Freight will maintain health benefits and provide other financial incentives for furloughed employees, the company said.

FedEx outlined cost cuts of up to $2.7 billion in September after falling demand hammered first-quarter profit.

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