Key Takeaways
- Yahoo Finance announced that Carvana had earned the dishonor of being the worst company of the year due to its financial difficulties.
- The largest creditors of Carvana have signed a pact to work together in the event of a possible debt restructuring, which would indicate that there are concerns the used car retailer could be on the brink of filing for bankruptcy.
- Many critics think that Carvana didn’t prepare for an economic downturn, with people concerned about the amount of money spent on a Super Bowl ad, the purchase of Adesa, a hiring spree, and a lack of planning for inventory shifts.
Carvana Co. (CVNA) became the leading e-commerce platform for buying and selling used vehicles online over the last few years. Now, it looks like the company is on the verge of dire financial straits.
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