Vroom slips after ecommerce used-vehicle operations winds down

Vroom

22/01/2024 21:35

** Shares of used-car firm Vroom  VRM.N  down ~33% in
after-market trade after co announces wind-down of e-commerce
vehicle operations 
    ** VRM says it is suspending transactions through vroom.com,
planning to sell current used-vehicle inventory through
wholesale channels, halting purchases of additional vehicles
    ** Co also expects ~800 employees to be impacted by layoffs 
    ** Over the past 12 months, VRM down ~44% 

 (Reporting by Nathan Gomes in Bengaluru)
 ((Nathan.gomes@thomsonreuters.com))