Citi Bike is for sale

Photo by: Lindsey Nicholson / UCG / Universal Images Group via Getty Images

Lyft is exploring a sale of its bike and scooter business, which includes New York City's popular Citi Bike. The news comes several months after the struggling ridehail company laid off a third of its workforce in an effort to reduce costs.

Lyft has received strong inbound interest in our bikes and scooters business," the company said in a statement. It's only logical for Lyft to listen to credible proposals and explore strategic partners and options in several forms to serve more riders in more cities."

Whether Lyft strikes a partnership with an investor that infuses cash into the division or sells the business outright remains to be seen. Either way, Lyft wants the rental bikes and scooters to continue to be listed on its app so...

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