FedEx to close stores, put off hiring as demand slumps

Published September 15, 2022 4:51 PM

By ALEX VEIGA
AP Business Writer

FedEx is shuttering storefronts and corporate offices while putting off new hires in a belt-tightening drive brought on by drop-off in its global package delivery business. The company based in Memphis, Tennessee, warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it said it expects business conditions to further weaken in the current quarter amid weaker global volume. In response, it will cut costs by closing over 90 FedEx Office locations and five corporate offices, deferring new hires and operating fewer flights. Its stock fell more than 16% in after-hours trading following the announcement.

Article Topic Follows: AP National Business

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