Memphis-based American Car Center closes operations, lays off nearly 300

Breaking news Memphis·The Commercial Appeal
Omer Yusuf, Memphis Commercial Appeal
1 min read
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Memphis-based American Car Center is laying off nearly 300 workers and ceased all business operations on Friday.

The used car retailer filed an official WARN notice Monday with the Tennessee Department of Labor and Workforce Development. The WARN notice did not offer specifics on the reasoning for the closure but mentioned 288 workers would be impacted.

American Car Center CFO Noah Logan sent a memo to employees about the decision that has since been circulated on social media.

“We worked incredibly hard over many months to avoid this outcome but, at this point, we have no choice,” Logan wrote in the email. “Effective as of close of business today, February, 24, 2023, the employment of all employees of the company will be terminated. On behalf of the company, thank you for your efforts and I wish you well in your future endeavors.”

American Car Center’s closure came after Bloomberg first reported the Memphis-based company pulled a $222 million bond sale from the market the previous day.

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The used car seller has 40 dealerships in 10 states. American Car Center is owned by York Capital Management LLC. Attempts to reach York Management for comment on this story were unsuccessful.

The first American Car Center was opened in Memphis in 2000, according to the company’s website, which remains active as of Tuesday afternoon.

Omer Yusuf covers the Ford project in Haywood County, residential real estate, tourism and banking for The Commercial Appeal. He can be reached via email Omer.Yusuf@commercialappeal.com or followed on Twitter @OmerAYusuf.

This article originally appeared on Memphis Commercial Appeal: American Car Center closes operations, lays off nearly 300

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