Lyft cutting nearly 1K workers

Lyft is laying off nearly 1,000 workers and furloughing another 288 as the coronavirus pandemic slashes its business, the company announced in Wednesday.

The 982 employees it will lay off account for 17 percent of the ride-sharing giant’s workforce, Lyft said in a regulatory filing.

Lyft has also implemented base salary reductions for all other employees, as well as the 12-week-long furloughs.

Lyft CEO Logan Green said in a statement to The Hill on Wednesday that the layoffs were a “difficult decision.”

“Our guiding principle for decision-making right now is to ensure we emerge from the crisis in the strongest possible position to achieve the company’s mission,” he said.

The salary cuts will kick in May 1, and will include a 30 percent reduction for executive leadership, 20 percent for vice presidents and 10 percent for all other employees.

The company said it expects to take an approximately $28 million to $36 million hit from restructuring and related charges from the layoffs, primarily related to employee severance and benefits.