Companies of all sizes go through difficult times, it’s just the way business works, but Carvana saw this difficult time coming (in my view) many months ago and never changed the way they operated.
As a result, 2500 employees are being laid off.
A few positives (according to Carvana’s Filing) Carvana is offering laid off employees the ‘opportunity’ to receive four weeks of pay plus an additional week for every year they have been with Carvana and the ‘opportunity’ to receive extended healthcare. .
The word ‘opportunity’ is concerning as it seems to mean that laid off employees have to ‘do something’ to earn this severance? Not sure.
Carvana also said that its ‘executive team is forgoing their salaries for the remainder of the year to help contribute to the severance pay for departing team members.’
Interesting… not sure why the ‘executive team’ is not being fired for bad execution.
In any event, these laid off employees are simply out of luck.
You can read more about the numbers that brought Carvana to this point and what the company’s plans are for its future by CLICKING HERE.
Don’t Just Sit There… Prepare Today for Tomorrow.
