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%