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Carvana Co. (NYSE:CVNA) is trimming its workforce further in an attempt to further reduce costs and save cash to stay current on more than $7 billion of debt, the Wall Street Journal reported on Friday.
The online used car dealer is said to be quietly letting go of employees, reducing hours, and not filling open positions, said the publication, citing current and former employees, industry analysts, and documents it has seen.
The employee reduction adds to the 4,000 workers let go last year by the company.
Carvana has various operations teams working less than 30 hours per week, or only four day work weeks, according to the documents and emails the WSJ has seen.
It comes as Carvana’s growth has significantly slowed following the end of the pandemic, with sales sharply falling.
The report adds that Carvana’s inventory is steadily losing value as used-car prices decline from pandemic highs.
Carvana shares have declined 96% in the last 12 months, while they have fallen 13% during Friday’s session.