CarLotz Inc - Ordinary Shares - Class A

NASDAQ:LOTZ   3:59:55 PM EDT
0.39
-0.03 (-6.74%)
Layoffs, Earnings Announcements

Carlotz Closes 50% Of Its Stores To Strategically Focus On Path To Profitability

Published: 06/21/2022 20:37 GMT
CarLotz Inc - Ordinary Shares - Class A (LOTZ) - Carlotz Closes 50% of Its Stores to Strategically Focus on Path to Profitability.
Carlotz Inc - Announced Closure of 11 Dealership Stores, Or "hubs," As Part of a Strategic Review of Business.
Carlotz Inc - Closures Will Result in an Estimated Workforce Reduction of 25% to 30%.
Carlotz Inc - Three Locations With Executed Leases Will Not Be Opened.
Carlotz Inc - Estimates Closures Should Reduce Loss From Operations by Approximately $12 Million to $13 Million on an Annualized Basis.
Carlotz Inc - Company Estimates an Additional Savings of $7.5 Million to $8.5 Million in Occupancy Costs per Year.
Carlotz Inc - Company Estimates One-time Non-cash Charges of $2 Million to $5 Million Associated With Impairment of Lease Assets.
Carlotz Inc - Believes Hub Closures Should Provide Additional Working Capital of Approximately $10 Million.
Carlotz Inc - Company Estimates One-time Non-cash Charges of $5 Million to $6 Million Associated With Impairment of Other Fixed Assets.
Revenue is expected to be $71.53 Million
Adjusted EPS is expected to be -$0.25

Next Quarter Revenue Guidance is expected to be $75.35 Million
Next Quarter EPS Guidance is expected to be -$0.25

More details on our Analysts Page.