Economy & Business

Amazon to Shutter Dozens of US Sites Amid Recession

E-commerce giant Amazon has decided to put a halt to some of its planned facilities in the United States, according to estimates by a consulting firm.

Amazon has either shuttered or done away with plans to open 42 facilities in the country, totaling around 25 million square feet of usable space, MWPVL International Inc., which tracks the e-commerce company’s real-estate footprint, told Bloomberg. The planned opening of an extra 21 facilities, totaling almost 28 million square feet, have been delayed. Multiple European projects, most of them in Spain, also are now canceled, it stated.

In April, Amazon reported its slowest growth in roughly two decades. The firm’s revenue from its online store fell by 3 percent, the worst performance since 2016. The company’s product sales remained flat. It registered a loss of $3.8 billion, the first quarterly loss in seven years… The company’s shares have fallen by more than 25 percent this year, as of Sept. 2.

Amazon had recently announced the closure of two delivery stations in October near Baltimore that collectively employ more than 300 workers. Read more…

You Might Also Like