Lyft to layoff 13% of staff

Lyft says it will lay off 13% of its staff, or nearly 700 employees.

 Patrick T. Fallon/Bloomberg via Getty Images, FILE

A Lyft Inc. decal is displayed on a car window in Los Angeles in this Nov. 13, 2017 file photo. Patrick T. Fallon/Bloomberg via Getty Images, FILE

COLUMBIA, S.C. (WOLO)— Lyft says it will lay off 13% of its staff, or nearly 700 employees.

In a memo to staffers Thursday, Lyft’s co-founders said the layoffs will impact every part of the company.

They said they’re facing a probable recession next year and rideshare insurance costs are going up.

They said they worked hard to bring down costs last summer, by slowing, then freezing hiring.

Executives say they also cut spending, and put less-critical initiatives on hold.

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