Blue Apron is planning to lay off 25 percent of its current staff according to Bloomberg reports. The layoffs are aimed at the Blue Apron facility located in New Jersey where 1,270 jobs will be cut. As of March 31st Blue Apron employed 5,202 people.
These Blue Apron layoffs come about a month after the company’s lackluster initial public offering, its co-founder and COO Matthew Wadiak stepping down and a lawsuit from a former employee.
It has been a rough month for the meal kit and delivery company. Blue Apron is trading $6.24 per share which is about 37% below its IPO price of $10 a share. The company has had a lot of issues with growth in recent years in a shrinking market that has left the company in the dust.
It’s hard to say whether or not Blue Apron will be able to survive in the coming years as the decrease in valuation in the company and lack of expansion of ideas doesn’t sign well for this once popular company.