Chattanooga’s biggest trucking company is hitting the brakes on its spending, cutting its non-driving staff by another 5% this month and looking for ways to dispose of extra real estate and trim other expenses to offset rising costs amid signs of a shipping slowdown in some industries.
U.S. Xpress Enterprises, which eliminated 70 non-driving jobs at its Chattanooga headquarters in May, is making another round of similar layoffs this month after the company reported a second quarter loss earlier this month and its stock price dropped in response to the worse-than-expected results.
Brad Carmony, vice president of communications for U.S. Xpress, said the company is not disclosing the number of employee layoffs involved at the company’s headquarters, where about 1,400 workers are employed. But to restore profitability, Carmony said U.S. Xpress earlier this year “began a multi-phased restructuring including leadership changes, a reduction in force and a hiring freeze.
“Through this process, U.S. Xpress is evolving into a leaner, more disciplined company,” Carmony said in an emailed message to the Chattanooga Times Free Press.
Eric Fuller, president and CEO of U.S. Xpress, told analysts in early August that the company is looking to lower its fixed costs while continuing to grow its fleet and technology deployment.