: Carvana cutting more staff as sales continue to decline: WSJ


Carvana Co. CVNA, -12.58% is cutting more staff as sales fall and it tries to rein in costs and conserve cash to cover more than $7 billion of debt, the Wall Street Journal reported Friday, citing employees and industry analysts. The online used-car seller has been quietly letting staff go, reducing hours and leaving open positions unfilled, the paper reported, citing current and former employees and internal emails. The stock fell 6% premarket and is down 95% in the last 12 months, while the S&P 500 SPX, +0.40% has fallen 14.5%. The company already cut 4,000 jobs last year, equal to almost a fifth of staff as growth slowed after a dramatic rise during the pandemic. The stock enjoyed a strong rally on Wednesday along with another meme stock, Bed Bath & Beyond Inc. BBBY, -30.15%

This article was originally published by Marketwatch.com. Read the original article here.

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