ALBUQUERQUE, N.M. (AP) - Albuquerque Cab Co. is shutting down and laying off all its employees after 40 years of service.
Cab Co. officials said Monday that competition, particularly from ride-hailing apps Uber and Lyft, made operating financially unfeasible. Albuquerque has five cab companies in the city in addition to three airport shuttle firms and ride-hailing apps.
Officials say business dropped by a third in the last few years, meaning the company couldn’t afford to pay employees.
Cab Co. laid off 70 employees, including cab and shuttle drivers, mechanics and administrative staff.
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