(Reuters) – FedEx (NYSE:) plans to cut between 1,700 and 2,000 back-office jobs in Europe, the company said on Wednesday, as the parcel delivery company struggles with weak demand for freight.
The cuts will be implemented over an 18-month period, the company said, adding that it expects pre-tax costs to be between $250 million and $375 million related to legal fees and severance packages.
FedEx expects the job cuts to save between $125 million and $175 million on an annualized basis beginning in fiscal 2027.