ArcBest announced a restructuring Thursday that will reduce its workforce by approximately 2%. It will also consolidate some less-than-truckload terminals, shedding roughly 1% of the doors from its network.
The Fort Smith, Arkansas-based transportation and logistics provider has over 14,000 employees.
"The reductions include employee separations, the elimination of certain open positions, and the non-replacement of certain positions vacated through retirements and other attrition," a filing with the Securities and Exchange Commission said.
Its LTL business, ABF Freight, operates approximately 240 terminals with 9,600 doors. The filing said it would close 10 locations in small markets. The affected operations will be rolled into other nearby service centers. This change of operations has to be approved by the Teamsters per the National Master Freight Agreement.
ArcBest (NASDAQ: ARCB) also said it is placing the MoLo Solutions, Panther Premium Logistics and ArcBest Technologies brands under the ArcBest banner. The company will retire the MoLo (truckload brokerage) and Panther (ground expedite services) brands.