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Benzinga

Business

Adam Eckert

After-Hours Action: Why CarLotz Stock Is Sliding

LOTZ CarLotz Nasdaq

CarLotz Inc (NASDAQ:LOTZ) shares are trading lower by 3.78% at $0.49 in Tuesday's after-hours session after the company announced the closure of 11 dealership stores as part of a strategic review of its business. In addition, three locations with executed leases will not be opened.

CarLotz said cash preservation and future profitable growth were key determining factors in its decision to close the locations.

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One subscription that gives you access to news from hundreds of sites

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