Chattanooga, Tennessee-based Lipsey Logistics has confirmed that it was forced to cut a number of jobs as the result of a “constrained and declining freight market.”
“We have taken [the] initiative for restructuring, controlling cost and mainstreaming efficiencies, which included a reduction of our workforce,” Kendal Helms, vice president of human resources for Lipsey Logistics, said in a statement to FreightWaves on Monday.
A source familiar with the layoffs said an estimated 20 jobs were cut. Helms declined to disclose the exact number of employees affected or the percentage of the company’s workforce that was part of the layoffs.
“The reduction in force was based on business necessity, and our initiatives kept the loss of employees minimal in comparison to other companies in our industry,” Helms said.
FreightWaves’ Rachel Premack reported in February that freight brokerages had seen massive cuts of around 1,000 jobs in the first two months of the year. That number continues to rise because of record-low freight rates amid soaring operating costs.
Helms said Lipsey plans to support the employees who were impacted by the recent layoffs.
“We have always valued our employees and deeply regret the need for this action,” she said.
Do you have a news tip to share? Send me an email or message me @cage_writer on Twitter. Your name will not be used without your permission.
Read more articles here:
Former Slync CEO indicted on charges of swindling $25M from investors
Insiders say Flock Freight is a ‘toxic dumpster fire’ with only months of cash left
Former Lipsey Logistics employees ‘blindsided’ by layoffs at Chattanooga office
Future of Supply Chain
JUNE 21-22, 2023 • CLEVELAND, OH • IN-PERSON EVENT
The greatest minds in the transportation, logistics and supply chain industries will share insights, predict future trends and showcase emerging technology the FreightWaves way–with engaging discussions, rapid-fire demos, interactive sponsor kiosks and more.