10:32 AM EDT, 04/23/2024 (MT Newswires) -- Lithia Motors ( LAD ) will cut around 250 jobs in the UK and shut down its Car Store used-car business, the Financial Times reported Tuesday, citing people familiar with the matter.

Most of the job cuts will come from the closing of 16 CarStore locations, according to the report.

A spokesperson for the company was quoted as saying by FT that four CarStore locations will be "re-franchised" and seven remaining CarStore pods will become sites for its Evans Halshaw Direct business.

Lithia Motors ( LAD ) did not immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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