08:06 AM EDT, 09/04/2024 (MT Newswires) -- Lyft ( LYFT ) said Wednesday it will undertake a restructuring plan involving the disposal of certain assets tied to its bikes and scooters business that will result in the termination of about 1% of its workers.

The company estimates that it will sustain restructuring and related charges of about $34 million to $46 million, of which $32 million to $42 million are tied to asset disposal costs while the remainder will go toward employee severance and benefits as well as advisory fees.

Lyft ( LYFT ) expects that the charges will be incurred mostly in Q3 with the remainder being completed by the end of Q4. The plan is expected to improve Lyft's ( LYFT ) annualized adjusted EBITDA by about $20 million by the end of 2025, the company said.

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