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FedEx will cut thousands of jobs

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MEMPHIS, TN -

(WMC-TV) - Memphis-based shipping giant FedEx plans to shed thousands of jobs.  FedEx President and CEO Fred Smith will hold a meeting Wednesday to give further details.

At this time, we know thousands of FedEx workers will have the option to accept a voluntary buyout.

It is an effort by the company to cut their costs and boost profit.

The buyouts were announced back in August and would primarily be at FedEx Express and FedEx divisions, starting during the first half of next year.

Those divisions employ nearly 28,000 in Tennessee, primarily in Memphis. That is out of about 115,000 in the United States.

Officials say the company has been going through some tough times due to customers shifting to slower and cheaper deliveries.

According to multiple business reports, Smith plans to boost profits by $1.7 billion over the next three years.

Copyright 2012 WMC-TV. All rights reserved.

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