Carvana lets go of 1,500 employees
Monica Fike
Bridging the divide between AI and news discovery/curation. Probably playing "keepy uppy" or Go Fish! with the kids later.
Adding to the heavy number of layoffs roiling several sectors, Carvana is letting go of 1,500 employees Friday, which is 8% of its workforce. CEO Ernie Garcia emailed staff, citing "economic headwinds" and noting it was a "hard day." The used car retailer surged in popularity during the pandemic's online shopping bonanza, but demand plummeted this year due to "rising interest rates and recessionary fears." Friday's layoffs will largely impact those in its corporate and tech departments, who will receive separation and severance pay, according to CNBC.
- Carvana shares have nosedived this year by 97%.
- Employees impacted by the layoffs are sharing on LinkedIn below.