Carvana is laying off 2,500 employees, and executives will not get severance compensation.

Carvana Co., an online automobile retailer

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is laying off nearly 2,500 employees,

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or about 12% of its workforce

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as it works to align personnel and expenditures with revenues.

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In a regulatory filing on Tuesday,

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the Phoenix firm said its leadership team will forego their wages

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for the remainder of the year to help cover

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the workers' severance compensation.

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