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Lyft Plans to Shut Down Its Car-Rental Unit and Cut About 60 Jobs
- Cuts impact less than 2% of work force, are in rentals unit
- Lyft earlier said it would trim expenses and slow hiring
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Lyft Inc. will shutter its car-rental business and cut about 60 jobs as the ride-hailing giant grapples with a labor shortage and a fall in its stock price.
The layoffs impact less than 2% of Lyft’s roughly 4,600 total employees and are concentrated within the rentals unit. The news, which Lyft confirmed on Wednesday, was previously reported by the Wall Street Journal.