Cold Storage REIT Lineage Inc Announces Job Cuts After Record-Breaking IPO
Lineage Inc, a cold storage real estate investment trust, has announced job cuts following its record-breaking U.S. initial public offering (IPO) in 2024. The company, supported by private equity firm Bay Grove Capital, did not specify the number or types of roles impacted by the layoffs.
Lineage’s IPO last July saw its shares debut at $82, surpassing its $78 offer price, and valued the company at $19.2 billion. It raised $4.45 billion, marking the largest global stock market debut of the year. Despite the layoffs, Lineage shares were 0.3% higher in extended trading on Tuesday.
The company specializes in cold storage solutions and partners with leading food and beverage companies to handle frozen and perishable food logistics worldwide. The layoffs reflect broader industry recalibrations, as logistics and warehousing sectors adjust following pandemic-driven demand spikes.
The report suggests that the workforce reductions align with operational optimizations amid a shifting economic landscape. Despite the layoffs, Lineage remains committed to infrastructure investment to maintain its market position.