TransportationGB

Cazoo Layoffs

January 2023

Cazoo announced a layoff affecting 0 employees in January 2023. The company operates in the Transportation sector.

People Affected

Announced Date

Jan 18, 2023

About

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.