According to Automotive News, Cox Automotive recently released a memo informing that the company will be laying off 950 employees in an ongoing effort to cut costs.
Another 225 employees, about half of those eligible, have opted to retire early through the company’s voluntary retirement program. They are due to leave August 31.
Cox has also made identified open positions that will not be filled as well as contractors or consultants whose contracts will not be renewed.
The memo indicates that the employees due to be e made redundant will be notified throughout August, and by the end of September the transition should be completed. The affected employees are due to receive severance and support as they look for new opportunities.
The memo reads that these were “gut-wrenching decisions” that will be painful for all involved, but the steps are “crucial” to its future as it works to integrate its many properties. The emailed memo was sent on behalf of President Sandy Schwartz and signed with his initials.