Brief: Vroom Says About 800 Employees To Be Impacted Upon Substantial Implementation Of Value Maximization Plan

Vroom

22/01/2024 21:52

Jan 22 (Reuters) - Vroom Inc  VRM.O :
    * VROOM INC: ANTICIPATES THAT APPROXIMATELY 800 EMPLOYEES
WILL BE
IMPACTED UPON SUBSTANTIAL IMPLEMENTATION OF VALUE MAXIMIZATION
PLAN
    * VROOM INC - ANTICIPATES THAT APPROXIMATELY 800 EMPLOYEES
WILL BE
IMPACTED BY LAYOFFS
    * VROOM INC - COMPANY ANTICIPATES VALUE MAXIMIZATION PLAN TO
BE
SUBSTANTIALLY IMPLEMENTED BY MARCH 31, 2024
    * VROOM INC: REDUCTION RESULTING IN A REDUCTION OF ABOUT 90%
OF
EMPLOYEES NOT ENGAGED IN UACC'S OR CARSTORY'S OPERATIONS
    * VROOM INC: UACC AND CARSTORY BUSINESSES TO CONTINUE TO
SERVE
THIRD-PARTY CUSTOMERS, WITH OPERATIONS UNAFFECTED BY VROOM'S
ECOMMERCE WIND-DOWN
    * VROOM INC:  ON JANUARY 19, CO, VROOM AUTOMOTIVE, LLC AND
ALLY
BANK AND ALLY FINANCIAL ENTERED INTO IFSA AMENDMENT
    * VROOM: POST IFSA AMENDMENT, CREDIT LINE SUSPENDED FOR
FUTURE
VEHICLE PURCHASES. CO MUST MAINTAIN 40% OF ITS OUTSTANDING
BORROWINGS IN CASH


Further company coverage:  VRM.O 

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