Forward Air has implemented layoffs as part of its efforts to cut costs and return to profitability following its merger with Omni Logistics. Challenges have plagued the company since the $3.8 billion acquisition, leading to a 239% year-over-year profit decline in Q1 and a $66 million operating loss largely attributed to severance and operational costs related to the merger. The layoffs come after the replacement of the company’s CEO and CFO and ongoing shareholder lawsuits seeking to undo the merger. Forward Air is also actively exploring the sale of non-core assets in 2024 to further stabilize its financial performance.

Logistics and Transportation, Mergers and Acquisitions,United States

https://mergersacquisitions.einnews.com/article/721868677/RCQ0sAU-awey44GY?ref=rss&ecode=Q1vNcweEggLWKz7L