The logistics giant laid off employees and closed many logistics centers! But a backhand.....

A GXO spokesperson said: "We will stop working with one of Wilmer's customers. As a result, affected employees will have the opportunity to transfer to nearby GXO sites that serve other customers."

GXO's layoffs will begin on October 31 and end on November 15. GXO did not disclose the names of the clients it terminated.

GXO Logistics is a global contract logistics leader headquartered in Greenwich, Connecticut, with approximately 130,000 employees in 27 countries and 970 warehouses worldwide.

In recent months, GXO has halted operations and laid off 286 employees in several locations linked to the loss of customers, including logistics centers in Fort Worth, Texas, and Aberdeen, Maryland.

On September 14, 2023, GXO Logistics announced the acquisition of PFSweb for $7.50 per share in cash. This strategic move marks a significant milestone for both companies, with GXO Logistics valuing PFSweb at approximately $181 million.

Notably, the acquisition has an enterprise value of $142 million, including PFSweb's $39 million cash balance as of June 30, 2023. The price represents a 46% premium to PFSW's closing price on Wednesday. PFSweb shares surged in early trading on Thursday. This acquisition demonstrates GXO Logistics' commitment to expanding its presence and capabilities in the logistics industry and consolidating its leading position in the market.

Texas-based PFSweb(PFSW) is a leading e-commerce order fulfillment provider serving some of the world's most iconic luxury brands through 11 distribution centers throughout North America, Belgium and the United Kingdom. We have the expertise to deliver seamless, high-touch fulfillment across key growth verticals such as health & Beauty, jewelry & collectibles, sportswear, and premium consumer categories, and build lasting relationships through a range of solutions and services to deliver memorable unpacking experiences.

Malcolm Wilson, CEO of GXO, said the acquisition will enhance the company's exposure to new high-growth vertical markets in North America and add important features to existing products. Anticipated strategic benefits include the immediate addition of GXO portfolio products to customers in short-cycle, high-volume product categories.

GXO will also further expand its presence in the U.S. cosmetics and luxury segment, leveraging PFSweb's customer relationships to serve more than 100 brands, These include L 'Oracims USA, Champion, Pandora, Shiseido Americas, Kendra Scott, and United States Mint. GXO said it will also aim to leverage PFSweb (PFSW) technology and services and provide additional products and services to GXO's current North American and European customers.

The agreement between GXO Logistics and PFSweb represents a significant opportunity for development and collaboration. With the partnership, both companies can leverage their respective strengths and expertise to drive innovation, enhance customer experience, and create value for stakeholders.