Seattle-based digital freight broker Convoy has cancelled shipments and appears to be prepping for a major transition, according to multiple reports.
On October 18, Convoy leadership told workers to stop processing new orders and to cancel existing shipments, according to The Information.
The company also told workers that a major announcement was forthcoming in the coming days, per the report. The outlet also reported in August 2023 that Convoy was exploring strategic options including the sale of the company.
Convoy has gone through a series of layoffs in June 2023, February 2023, October 2022, and June 2022. The company also recently shuttered an Atlanta office that was opened in 2019.
In May 2023, Convoy announced a major partnership with Volvo to bring autonomous freight capacity to customers on select routes in Texas.
Convoy was founded in 2015 and describes itself as “the nation’s leading digital freight network.” The company was valued at $3.8 billion last year.
This is a developing story.