{"id":1633488,"date":"2022-09-06T06:47:59","date_gmt":"2022-09-06T10:47:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1633488"},"modified":"2022-09-06T06:48:03","modified_gmt":"2022-09-06T10:48:03","slug":"amazon-shutting-down-dozens-of-warehouses-in-us-shares-fall-over-25-percent","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amazon-shutting-down-dozens-of-warehouses-in-us-shares-fall-over-25-percent\/","title":{"rendered":"Amazon Shutting Down Dozens of Warehouses in US, Shares Fall Over 25 Percent"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famazon-shutting-down-dozens-of-warehouses-in-us-shares-fall-over-25-percent%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1633488&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>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.<\/p>\n<p>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\u2019s real-estate footprint, told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-02\/amazon-closes-abandons-plans-for-dozens-of-us-warehouses\">Bloomberg<\/a>. 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.<\/p>\n<p>In April, Amazon reported its slowest growth in roughly two decades. The firm\u2019s revenue from its online store fell by 3 percent, the worst performance since 2016. The company\u2019s product sales remained flat. It registered a loss of $3.8 billion, the first quarterly loss in seven years.<\/p>\n<p>Following the results, Brian Osavsky, Amazon\u2019s chief financial officer, had stated that the firm\u2019s capacity exceeded demand. Amazon reported a second consecutive quarterly loss of $2 billion in the second quarter. The company\u2019s shares have fallen by more than 25 percent this year, as of Sept. 2.<\/p>\n<p>Amazon had recently announced the closure of two delivery stations in October near Baltimore that collectively employ more than 300 workers.<\/p>\n<p>\u201cThere remains some serious cutting to do before year-end\u2014in North America and the rest of the world,\u201d said Marc Wulfraat, MWPVL\u2019s founder and president, according to Bloomberg.<\/p>\n<p>However, just as Amazon is abandoning some of its planned facilities, it is also moving ahead with expansion wherever needed. \u201cThey continue to go live with new facilities this year at an astonishing pace,\u201d Wulfraat pointed out.<\/p>\n<p>MWPVL calculates that Amazon might open 250 more facilities in 2022. While some will be massive like those planned in Colorado, California, and New York, others will be on a smaller scale, close to 100,000 square feet. Amazon is also planning to open 21 large multistory facilities this year.<\/p>\n<h2>Subleasing, Warehouse Investigation<\/h2>\n<p>There is talk about Amazon attempting to sublease some of its warehouse space. When questioned by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-21\/amazon-aims-to-sublet-end-warehouse-leases-as-online-sales-cool#xj4y7vzkg\">Bloomberg<\/a>, Amazon spokesperson Alisa Carroll stated that subleasing is a common tactic.<\/p>\n<p>\u201cIt allows us to relieve the financial obligations associated with an existing building that no longer meets our needs. Subleasing is something many established corporations do to help manage their real estate portfolio,\u201d she said.<\/p>\n<p>In July, Amazon came under <a href=\"https:\/\/www.theepochtimes.com\/amazon-warehouses-under-investigation-over-complaints-about-unsafe-working-conditions-pace-of-work_4609583.html\">investigation<\/a> over alleged unsafe workplace conditions in three states. The inquiry will look into injuries at Amazon\u2019s warehouses that are the result of workplace hazards, the pace of work, and whether the company has appropriately reported injuries suffered by workers at its sites.<\/p>\n<p>A labor official recently dealt a blow to Amazon by dismissing the company\u2019s attempt to overturn the results of a labor union election at its JFK8 site in New York. Workers across Amazon\u2019s U.S. warehouses have been attempting to unionize in recent months amid complaints of overwork and safety issues.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-naveen-athrappully\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1633488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1633488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1633488"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1633488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1633488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1633488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1633488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}