Amazon to sublease warehouses as online shopping slows

Associated Press

Amazon is planning to sublease some of its warehouse space because the pandemic-fueled surge in online shopping has slowed. That surge helped the e-commerce giant rake in soaring profits in the past two years. But as the worst of the pandemic eased, Amazon found itself with too much warehouse space and too many workers A spokesperson for Seattle-based Amazon declined to disclose how much space the company plans to sublease. But citing anonymous sources, Bloomberg News and The Wall Street Journal reported earlier that Amazon would sublet at least 10 million square feet of space and could end more of its leases.