October 4, 2022

NyseNewsAnalyst

News Headlines: Hindustan Times provides exclusive top stories of the day, today headlines from politics, business, technology, photos, videos, …

Report: Amazon shuts down, abandons plans for dozens of warehouses amid slowing sales growth

Report: Amazon shuts down, abandons plans for dozens of warehouses amid slowing sales growth

Amazon is said to be canceling plans to build dozens of warehouse facilities across the US amid slowing sales growth.

Consulting firm MWPVL says the online retail giant is either closing or dropping plans to open 42 facilities across the country totaling nearly 25 million square feet, Bloomberg mentioned.

The company says Amazon has also delayed the opening of 21 other locations and has canceled several European projects, most of them in Spain.

“Amazon is a dynamic company and we are constantly exploring new locations,” Maria Bosti, an Amazon spokeswoman, told Fox News Digital. “We weigh a variety of factors when deciding where to develop future sites to provide the best customer service. We have dozens of fulfillment centers, sorting centers and delivery stations under construction and development around the world. It is common for us to explore multiple sites simultaneously and adjust schedules based on needs. over the network.”

The FTC wants more information about your first medical purchase from AMAZON

Amazon warehouse with packaging and company logo (Getty Images/Getty Images)

The report comes after the company was announced Close two terminals in Maryland which employs more than 300 people.

Amazon posted its slowest growth rate in more than 20 years in July, but eventually posted better-than-expected results sending the stock up 12%, the New York Times reported.

Andy Gacy, Amazon CEO, said in a statement: “Despite continued inflationary pressures in fuel, energy, and transportation costs, we are making progress on the more manageable costs we flagged in the past quarter, particularly improving the productivity of our fulfillment network. “. the time.

AMAZON Refers to Green Hydrogen Supply Deal with Delivery Energy

Amazon Announced earlier this year They will start subletting some warehouse space as online shopping numbers slow.

Spokesperson Alyssa Carroll Subletting allows the company to “release the financial obligations associated with an existing building” that no longer meets its needs.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

Amazon warehouse

A truck arrives at an Amazon warehouse in the Staten Island area of ​​New York, April 1, 2022. Amazon is banning off-duty warehouse workers from the company’s facilities, and transportation regulators say it could impede union leadership. (AP Photo/Eduardo Munoz Alvarez, File/Associated Press)

according to The Wall Street JournalAmazon plans to sublet at least 10 million square feet of warehouse capacity and is looking at options to terminate or renegotiate more leases.

Bloomberg News reported that the additional space includes facilities in New York, New Jersey, California and Georgia.

Landon Mion of Fox News contributed to this report