Carvana Co., an online automobile retailer, is laying off nearly 2,500 employees, or about 12% of its workforce, as it works to align personnel and expenditures with revenues.

In a regulatory filing on Tuesday, the Phoenix firm said its leadership team will forego their wages for the remainder of the year to help cover the workers’ severance compensation.

The laid-off personnel will come from Carvana’s operations units, according to the company, which sells used cars online and delivers them to purchasers. The firm is “transitioning activities” away from its vehicle reconditioning centre in Euclid, Ohio, near Cleveland, as well as several shipping hubs, according to the company.

The changes will “enable Carvana returning to efficient growth on its goal to transform,” according to the filing.

Categories: Sports

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