Cazoo

In January 2023, UK-based used car marketplace Cazoo announced further layoffs as part of its restructuring efforts, following the departure of founder Alex Chesterman as CEO. This comes after the company laid off 1,500 employees in 2022 amid significant challenges, including a 97% drop in share price since its 2021 NYSE listing. Cazoo, once valued at $7 billion, is now focusing on reducing costs and improving unit economics to achieve profitability, leading to additional workforce reductions and the closure of some operational centers. The company, which operates solely in the UK after exiting the EU, anticipates selling fewer cars in 2023 as it navigates a tough economic environment.

In September 2022, UK-based used car marketplace Cazoo announced its complete exit from the European Union, resulting in an additional 750 layoffs. Combined with 750 job cuts announced in June, this brought the total to 1,500 employees laid off in 2022, representing 30% of its workforce. The company, which had expanded into the EU earlier in the year, cited a strategic review and mounting financial losses—reporting £243 million in losses for the first half of 2022. By withdrawing from Germany, Spain, France, and Italy to focus solely on the UK market, Cazoo aims to achieve significant cost savings and accelerate its path to profitability amid challenging macroeconomic conditions, including inflation and supply chain issues.