![]() CNN Sans ™ & © 2016 Cable News Network.25-cent Stock Takes $11T Commodities Sector Digital ![]() Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. ![]() ![]() Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “We recognize that while we continue to make improvements to our fundamentals, we need to bring more liquidity into the business in the near-term,” Linda Findley, Blue Apron’s president and chief executive officer, said in a May release. In the first quarter of 2023, Blue Apron’s net revenue decreased 4% year-over-year to $113.1 million, driven by a decline in customers and orders. FreshRealm will be the exclusive supplier of Blue Apron kits and was already the manufacturer for Blue Apron’s popular “Heat & Eat” meals.īlue Apron, which launched in 2012, had announced it was selling its operational infrastructure to FreshRealm in May. With the cost cuts, Blue Apron “believes this will allow it to get to profitability quicker” and focus on marketing and branding. It did not disclose the number of jobs eliminated. “Blue Apron is now an asset-light company, focused on the growth of its direct-to-consumer business,” the company said, adding it “expects to accelerate the expansion of its product offerings, including the addition of new convenient options.” With an asset-light company comes “a reduced headcount and administrative cost,” it said. In fourth quarter of 2022, the company’s total customers declined 11.2% from the year prior.īut with the sale of its “operational infrastructure” to FreshRealm, BlueApron received $25 million in cash upfront and is eligible to receive up to $25 million more if the company reaches certain milestones, a release said Friday. Inflation and rising food prices are also contributing to the slump. However, companies like Blue Apron now face slowing growth amid increased competition as customers return to regular life. Initially targeted to time-pressed home cooks, such meal services boomed during Covid-19. Shares were up about 72% in late afternoon trading Friday to more than $9 – although the climb came a day after an announced one-for-12 reverse stock split sent Blue Apron shares into the red Thursday.īlue Apron is one of the bigger and better-known of the meal preparation and delivery services that launched over the last decade. The crowded meal-kit business has suffered post-pandemic, so Wall Street reacted enthusiastically to the retool. (APRN), the home meal kit delivery service, paid off its debts and plans to streamline its business with job cuts, restructuring and a sale of assets to fellow meal company FreshRealm.
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