CZOO - Cazoo Group to cut workforce by 15% in restructuring plan

Cazoo (NYSE:CZOO) group is realigning its business to improve profitability, with significant staff cuts coming as part of the plan. While the company noted that it reached record sales in May, margins continue to tighten while recession risk only looms larger. Given an expectation of a recession in a matter of months, the online auto retailer emphasized the necessity of focusing on cash preservation at this point. “The combination of rising inflation and interest rates with supply chain issues caused by the pandemic and war has driven up the cost of living and hit consumer confidence,” CEO Alex Chesterman said. “This perfect storm has placed cash conservation top of mind for the Company, ahead of growth.”  In order to forward this cash preservation priority, management indicated it plans to lower selling, general and admin (SG&A) costs per unit, reduce headcount by about 15% across 750 roles and slow hiring of

For further details see:

Cazoo Group to cut workforce by 15% in restructuring plan