CarMax will furlough more than 15,000 workers

In a statement posted to its investor website, CarMax announced it plans to furlough about 15,500 employees, starting April 18. To further cut costs, Carmax's senior leadership will also take pay cuts, including a 50% salary reduction for Carmax President and CEO Bill Nash.

Used car company CarMax has been in a state of barebones operation for several weeks due to the spread of the coronavirus and the COVID-19 pandemic. A large majority of its shops across the country are currently closed, with a few exceptions where stores have remained open in extremely limited capacities (a full list of closed stores can be found on the CarMax website).

“We will continue to keep our stores open where permitted to support our customers' essential needs for reliable vehicles and to provide as many jobs as possible for our associates," Nash said in the statement. "For the safety of our associates and customers, we have implemented social distancing practices and enhanced cleaning measures in all locations."