CNF Cuts Jobs Due to HomeLife Closure
Bloomberg News
CNF Inc., owner of the largest U.S. regional trucking and air-freight companies, eliminated about 400 jobs and will take a $23-million charge because a major customer shut down operations.
The cuts represent 14% of the work force at CNF’s Menlo Logistics unit, which managed freight shipments for HomeLife Furniture Corp., spokeswoman Nancy Colvert said. HomeLife filed for bankruptcy protection this week. Most of the charge, which amounts to 47 cents a share, will be taken in the second quarter.
The job losses come a month after Palo Alto-based CNF reduced the work force at its Emery Worldwide air-freight unit by 11% in response to a 30% decline in domestic shipments.
CNF shares rose 30 cents to close at $29.25 on the NYSE.
