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America’s Car-Mart said it will close 42 dealerships, roughly one-third of its locations.
In a Tuesday filing with the U.S. Securities & Exchange Commission, the Rogers-based company attributed the closures and subsequent layoffs to flat sales and difficulties in obtaining a specialized revolving lending structure to replace its “inefficient” asset-based lending structure. Arkansas Business first reported the news. The move comes on the heels of 18 previous closures and leaves the company with 94 locations in 12 states.
The company didn’t say how many employees would be laid off, but reported 4,106 employees for its FY25 proxy statement.
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