Carvana plans to lay off about 1,500 employees, or about 8% of the company’s workforce, executives said in a Friday memo to staff
Carvana’s share price skyrocketed in 2021, but less than a year later it dropped by 95%. WSJ’s Ben Foldy explains the factors that helped drive the online car dealer’s growth and why investors are now questioning its future. Illustration: Preston JesseeCarvana Co. plans to lay off about 1,500 employees, or about 8% of the company’s workforce, executives said in a Friday memo to staff.
The workforce reductions come as the online used-car retailer faces economic headwinds and an uncertain future, Chief Executive Ernie Garcia said in the memo. The move also adds to the 2,500 employees the company, based in Tempe, Ariz.,
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