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IPFS News Link • Business/ Commerce

C.H. Robinson Announces Largest Layoff In The History Of Freight Brokerage

• Activist Post

By Tyler Durden

It's not just tech giants and Wall Street firms any more. As FreightWaves reports, truck brokerage giant C.H. Robinson Worldwide Inc. is laying off between 1,000 and 1,200 employees, most of whom are at the vice president and general manager level, according to sources familiar with the situation. The move, as FreightWaves CEO Craig Fuller reports, "might be the largest layoff in the history of freight brokerages, not related to a bankruptcy or acquisition."

The move comes a week after the Eden Prairie, Minnesota-based company reported weaker-than-expected, third-quarter results and strongly hinted at impending labor cost reductions to combat the impact of slowing demand and increased costs.

"We got ahead of ourselves in terms of head count," said Bob Biesterfeld, Robinson's president and CEO, on a post-earnings call. Robinson employs nearly 17,000 people.