Cazoo to cut 750 jobs as part of plan to save £200 million

Cazoo Group , the U.S.-listed, U.K.-based online car seller, said it’s cutting 15% of its workforce, or 750 jobs, as part of a plan to save £200 million ($250 million) from June 1 to Dec. 31, 2023. Cazoo also said it will lower brand marketing spend and limit capital expenditure. “The combination of rising inflation and interest rates with supply chain issues caused by the pandemic and war has driven up the cost of living and hit consumer confidence,” said Founder and CEO Alex Chesterman in a statement. Cazoo said it has £400 million in cash and over £200 million of self-financed inventory. Cazoo shares have dropped by 79% this year.

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