TransportationUS

Shift Layoffs

July 2023

Shift announced a layoff affecting 0 employees (34% of its workforce) in July 2023. The company operates in the Transportation sector.

People Affected

Percentage

34%

Announced Date

Jul 11, 2023

About

Online used-car seller Shift Technologies announced on Tuesday that it will lay off approximately 34% of its workforce as part of a restructuring effort. This significant reduction is a result of the company's strategic review, which also includes ending investment into its dealer marketplace business. Operating in the competitive automotive e-commerce industry, Shift is making these cuts to streamline operations and focus resources amid challenging market conditions. The layoffs reflect a major downsizing for the company as it seeks to stabilize its financial position and adapt its business model.