Carvana Co. ( NYSE: CVNA ) is pursuing further headcount reductions in order to cut costs and contend with its hulking debt levels, per The Wall Street Journal.
According to internal emails reviewed by the outlet, the online used auto retailer is “quietly terminating employees” and cutting back hours for retained staff. The cutbacks have left multiple teams working less than 30 hours per week or operating on a four day work-week, sources told The Journal .
The layoffs add to the company’s move to cut 1,500 jobs , representing about 8% of its workforce, in the fourth quarter of 2022. Those layoffs also built upon a 12% headcount reduction in May as 2,500 employees were handed pink slips .
Shares of the Arizona-based e-commerce company fell 7.82% in premarket trading on Friday. Read more on wild trading trends for the stock as of late .
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Carvana cutting more staff in latest cost-control effort - WSJ