C.H. Robinson Is Laying Off 300 More Employees
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Logistics company C.H. Robinson is cutting another 300 employees, the second round of layoffs in seven months.
“This impacted colleagues across the company, but primarily in shared services and non-engineering technology roles,” said Duncan Burns, C.H. Robinson’s chief communications officer, via email.
The reduction was a bit less than 2% of the global workforce, he said.
The Eden Prairie, Minn., company in November said 650 employees would lose their jobs. In that announcement, the company pointed to a slowing economy and decreasing freight demand.
“These decisions are never easy to make,” Burns said in a statement regarding the latest layoffs. “However, they are necessary for the company’s long-term success.”
C.H. Robinson has been struggling recently, with decreased revenue and earnings in each of the previous three quarters. The company had been lapping very strong quarters in the year-ago periods, but results were below analysts’ consensus expectations.
At the start of the year, the company’s former CEO, Bob Biesterfeld, resigned abruptly. In the company’s previous earnings call, interim CEO Scott Anderson said a new chief executive would be named by June 30.
Shares of C.H. Robinson are down more than 9% since the start of the year.
C.H. Robinson Worldwide ranks No. 1 on the Transport Topics Top 100 list of the largest logistics companies in North America.
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