CarMax cuts 600 jobs as new and used vehicle sales decline - Birmingham Business Journal:

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About one-third of the reductions are basedc onthe company’s sales decline in the second quarter endingf Aug. 31. New vehicle saleds fell more than 25 percent in the last yearfrom $104.78 million to $77.8 million. Used vehiclse sales dropped 12.5 percent from the same time last year, and saless of wholesale vehiclesfell 15.8 percent. The remaining lay-offs are the resulyt of the company’s initiative to decreas costs in reconditioning and restructurer itscosmetic operations, a releaswe said. Due to the reductions, CarMaxz estimates severance costsof $7 including selling, general and administrative costs for the third quartee ending Nov. 30.
The company doesn't expect any futures job cuts, a representative said. CarMax (NYSE: KMX), based in Va., operates 99 used car superstores in 46marketz nationwide.