Friday, April 3, 2009

Layoffs Begin at FedEx

The flagship company of Memphis, FedEx, began laying off 500 people in the Memphis area Friday morning.

Posted By on Fri, Apr 3, 2009 at 4:00 AM

Employees who contacted the Flyer by phone and email said they were being called into meetings and, in some cases, escorted out of their buildings by employees in the human resources department.

FedEx spokesman Matthew Ceniceros said the layoffs were "consistent with the force reduction we previously announced." He said approximately 1,000 salaried employees worldwide are being cut, and about 500 of those are in the greater Memphis area.

Ceniceros said those employees will get financial support and career counseling as well as first call on any job openings with the company in the future.

FedEx has seen its business and package volume shrink because of the worldwide recession. Its stock price has declined from $118 to $45 in the last two years. The company is the largest private employer in Memphis.

-- John Branston

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