Since it revealed during a Q1 earnings call that it overestimated the e-commerce growth rate and overextended its logistics network—resulting in a loss of nearly $4B, its first quarterly loss since 2015—Amazon has been sharing its pain in towns across the US.
In a multitude of locations, during the past three months the e-commerce behemoth's foot soldiers have informed city managers and economic development agencies that what they thought was going to be the crown jewel of local economic development—a brand new Amazon fulfillment center, and the minimum of 1,000 jobs that come with it—well, that won't be happening anytime soon.
In places where giant new warehouses stand ready for ribbon-cuttings this year, Amazon informed the locals that these sparkling white, rectangular monuments to growth would stand empty for the next two years and there would be no new jobs.
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