SEATTLE, Wash. – Online shopping is slowing down and it’s not the best news for Amazon.
The company is planning to sublease some of its warehouse space because of the slowdown in online spending.
The pandemic surge helped Amazon rake in soaring profits over the past two years.
But with the worst of the pandemic behind us, Amazon has now found itself with too much warehouse space and too many workers.
Bloomberg News and The Wall Street Journal have both reported that Amazon could sublet at least 10 million square feet of space and will likely end more of its leases.