Blue Apron is tanking and now it's laying off a lot of people

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A little over a month after Blue Apron’s disappointing stock market debut, the company is still struggling to make money as wary investors jump ship.

The company said Friday that it would lay off around 24 percent of its workers, bringing its total headcount down to less than 4,000, Bloomberg reported. All of the cuts—nearly 1,300 jobs—will happen at the company’s New Jersey plant.

The announcement follows news last month that co-founder and chief operating officer Matt Wadiak is stepping down.

Blue Apron’s stock has plummeted 37 percent since its already lackluster IPO in June. Much of its troubles have been blamed on Amazon’s surprise mega-merger with Whole Foods in the weeks before, followed by the online shopping giant’s own entry into the meal kit delivery space last month. Read more…

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Source: Mashable
Blue Apron is tanking and now it's laying off a lot of people

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