Online car dealer Carvana plans to lay off 12% of its workforce after closing a deal to expand operations that forced the company to borrow on onerous terms.

Carvana CEO Ernie Garcia III said in an email to employees that the company had overshot its growth strategy and would cut around 2,500 workers, centered around the company’s operations. The email was viewed by The Wall Street Journal.

To Read the Full Story

This post first appeared on wsj.com

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

House Republicans to hold hearing on impeaching Homeland Security Secretary Mayorkas

WASHINGTON — Members of the House Homeland Security Committee are meeting Tuesday to…

Emotional reunion for brothers as hopes fade for survivors of migrant boat shipwreck

It was a brief glimmer of hope in otherwise bleak circumstances. With…

Inside the key allegations in the Johnny Depp-Amber Heard trial

The allegations at the center of the Depp v. Heard defamation trial…

Selling Your Used Car? You Could Turn a Profit.

Chevy Silverado owner Franko Dokaj stopped by his dealership recently expecting to…