Carvana to lay off about 2,500 employees

  div classBodysc17zpet90 cdBBJodivpReuters – Online usedcar retailer Carvana Co would lay off about 2,500 employees, the company said on Tuesday, as part of its plan to move operations away from its inspection and reconditioning center in Euclid, Ohio and a few logistics hubs.p

  pShares were down about 7 to 36.02.pdivdivdiv classBodysc17zpet90 cdBBJodiv

  pCarvana added that all impacted team members, primarily in operational groups, would receive four weeks of pay and an additional week for every year that they have been with the company. p

  pThe move “will result in Carvana restoring a better balance between its sales volumes and staffing levels”, the company said in an regulatory filing.p

  pCarvana also said that its executive team would forego their salaries for the remainder of the year to help contribute to the severance pay for departing team members.p


  pp Reporting by Nathan Gomes in Bengaluru Editing by Shailesh Kuberp

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