Lyft to Dispose Some Bike Assets, Cut Jobs in Overhaul
- Company sees up to $46 million in charges from restructuring
- Lyft had raised prices of NYC e-bike rentals due to high costs
Lyft Inc. electric bicycles in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Lyft Inc. plans to write down some of its bike and scooter rental assets, and cut 1% of its employees as the ride-hailing company struggles to turn consistently profitable.
The plan is part of “efforts to align strategic priorities and to reduce operating costs,” the company said in a regulatory filing on Wednesday. Measures will include “right sizing” its inventory of bikes and scooters, and taking an impairment charge, a Lyft spokesperson added in an email. The firm had nearly 3,000 employees at the end of last year.