Carvana, the internet car-buying website with locations in Northeast Ohio, announced its plans to lay off 2,500 employees who are primarily with the company’s operations groups.
The company said the layoffs are in connection with "its previously announced plans to better align staffing and expense levels with sales volumes."
The company will be “transitioning operations away from its inspection and reconditioning center in Euclid."
Carvana said its executive team will forgo salaries for the year of the year to “help contribute to the severance pay for departing team members.”
“We believe these decisions, while extremely difficult, will result in Carvana restoring a better balance between its sales volumes and staffing levels and facilitate Carvana returning to efficient growth on its mission to change the way people buy and sell cars," the company said in a filing with the Securities and Exchange Commission.
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