DEVELOPING: Tempe-based Carvana says it will lay off 2,500 workers nationwide after finalizing its $2.2 billion acquisition of U.S. auto auctioneer Adesa. abc15
In a regulatory filing, the company said the affected employees will receive four weeks of pay plus an extra week of pay for each year they have been with Carvana , and will have an opportunity to receive extended health care coverage and compensation equal to any early vesting of previously granted equity awards.
The layoffs represent more than 10% of the company's 21,000 employees. Carvana gave no indication in the filing when the layoffs would go into effect. The company said it will also begin to transition operations away from its facility in Euclid, Ohio, and several other unidentified logistics hubs. In addition, the company’s executive team members will forego their base salaries for the remainder of the year.
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