FedEx to close stores and freeze hiring as demand slumps

FedEx said Thursday it is shuttering storefronts and corporate offices while putting off new hires in a belt-tightening drive brought on by drop-off in its global package delivery business.

The company based in Memphis, Tennessee, warned it will likely miss Wall Street's profit target for its fiscal first quarter that ended Aug. 31. And it said it expects business conditions to further weaken in the current quarter amid weaker global volume.

Its stock fell more than 20% in after-hours trading following the announcement.