Global supply chain solutions provider Flexport may be contemplating another round of layoffs in the coming weeks, according to sources familiar with the matter.

Initially reported Friday by business publication The Information, insiders disclosed that the company is considering a workforce reduction of approximately 20%, potentially affecting close to 500 employees.

FreightWaves contacted Flexport for a statement, but it had not responded as of publication deadline.

In October, Flexport performed its second 2023 layoff, letting go of nearly 20% of its staff at the time, or approximately 600 employees.

CEO Ryan Petersen attributed the earlier layoffs to overspending and said he is determined to restore profitability by the end of 2024, primarily through the growth of the core forwarding business.