Carmax to furlough around 15,500 associates

Effective april 18, 2020, approximately 15,500 carmax associates will be placed on furlough.majority of furloughed associates are employed at carmax stores that are currently closed due to government mandates.effective immediately, carmax president and ceo bill nash is forgoing 50% of his salary.each member of company's senior leadership team is taking a reduction in pay until further notice.board has unanimously determined to forgo their cash retainer indefinitely.instituting a hiring freeze, reducing inventory levels, reducing marketing spend.ceasing store expansion activity and remodels, and halting share repurchase program.providing update on significant adjustments to staffing levels and other expenditures in response to unprecedented coronavirus pandemic.
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