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CarMax lays off 145 corporate employees, nearly half of them based in Richmond area
Richmond BizSense • • business
Key Points:
- CarMax laid off about 145 corporate employees last week, including around 60 in the Richmond area, as part of ongoing workforce reductions aimed at creating a leaner corporate team to enhance competitiveness and growth.
- The layoffs affected multiple departments, including technology, human resources, product, accounting, and marketing, with most impacted employees being salaried personnel notified and let go on the same day.
- These cuts follow previous layoffs earlier in 2026, with CarMax having reduced over 1,000 employees since 2024, including 230 corporate office workers earlier this year.
- CarMax’s CEO Keith Barr, who took over in March 2026, emphasized the layoffs as strategic moves to improve operational efficiency and alignment across teams amid the company’s efforts to rebound from recent sales and stock price declines.
- Despite the layoffs, CarMax reported a 6.2% increase in net sales to $8 billion in its latest quarter, though net income declined from $210 million to $186 million year-over-year, and its stock price has risen 45% in 2026.
