This story has been updated to reflect better how many employees were let go from EXO Freight’s individual offices.
Opened-deck transportation marketplace EXO Freight closed its Chattanooga, Tennessee, office Tuesday, laying off 19 employees across its locations, co-founder and CEO Kurtis Tryber told FreightWaves.
The company’s Tennessee location, a small start-up office saw 3 employees let go, with two now working remotely and reporting to EXO Freight’s headquarters in Royal Oak, Michigan. The Michigan location lost 16 employees during the layoff, with 43 remaining, the majority of whom work remotely.
Tryber said it was an intentional move by the company to pivot from covering unprofitable spot market freight through its brokerage to utilizing its specialized marketplace and fintech solutions for managed transportation business needs.
The Royal Oak office will stay open to focus on managed transportation.
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Broker Bro
Broker bros trying to build tech for shippers when they only know one side of the coin.
Building a business focused on the spot market a house of cards. Remember that is what Surge Transportation did
Freight
Many more unprofitable *digital* brokers are about to follow but there’s no room for more tms tech in an already crowded and mature marketplace either. fun times. not.