E-scooter rental firm Spin to lay off a quarter of its staff

Electric scooter rental firm Spin said it will lay off 25% of its employees, as part of the company’s restructuring plan to exit open permit markets.
San Francisco-based Spin was bought by Ford Motor Co in 2018 and operates as a standalone business within Ford Smart Mobility.
“Spin will no longer compete in open permit markets that lack sensible regulations,” Ben Bear, chief executive officer of Spin said in a statement.
Bear, who took the helm in June last year, added that free-for-all markets create an uncertain operating environment.
He said Spin is beginning to wind down operations in a few U.S. markets and all of their markets in Germany and Portugal, while also projecting closure of Spain as early as February 2022.