Amazon to sublease warehouses as online shopping slows

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Amazon is planning to sublease some of its warehouse space now that the pandemic-fueled surge in online shopping, which helped the e-commerce giant rake in soaring profits in the past two years, has eased. FOX13

, which helped the e-commerce giant rake in soaring profits in the past two years, has eased.

Subleasing allows the company to "relieve the financial obligations associated with an existing building that no longer meets" its needs, Amazon spokesperson Alisa Carroll said. Carroll didn’t disclose how much space the company plans to sublet. But citing anonymous sources, Bloomberg News and The Wall Street Journal reported earlier that the retailer would sublease at least 10 million square feet of space and could end more of its leases in states including New York, New Jersey and California.

"Subleasing is something many established corporations do to help manage their real estate portfolio," Carroll said.North Carolina businessman Tom Harris wants Amazon to use its powerful shopping platform to help its customers place personal economic sanctions against Russia and countries that support President Vladimir Putin.since 2015, fueled by the e-commerce slowdown and a massive write-down of its investment in the electric-vehicle startup Rivian Automotive.


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