Carvana Co. CVNA -12.58%decrease; red down pointing triangle is further cutting staff and facing a deeper slowdown in sales as it tries to reduce costs and conserve cash to stay current on more than $7 billion of debt, employees and industry analysts said, the Wall Street Journal reported. The online used-car seller is quietly terminating employees, cutting hours and letting open positions go unfilled. Several operations teams are working fewer than 30 hours a week or four-day workweeks, the emails said. Carvana laid off 4,000 employees last year, nearly a fifth of its staff, after growth slowed from a torrid pace during the pandemic. Carvana’s sales are declining sharply and it has fewer cars listed on its website, according to data collected by JXCE LLC, which scrapes the listings on Carvana’s site to track its sales and inventory. Meanwhile, Carvana’s inventory is steadily losing value as used-car prices pull back from pandemic highs.
