To say that Blue Apron’s IPO (initial public offering) did not go well would be an understatement. The company went public in June 2017 and its shares have dropped almost 50 percent since. Now, serious measures are being taken, to the discontent of many members of its loyal staff.
Until recently, this meal kit delivery service had more than 5,000 workers on its payroll. In August 2017, it stopped hiring salaried employees and laid off 14 members of its recruitment team. Now, the measures it is taking are even more drastic.
On Wednesday, October 18, 2017, Blue Apron said that it had to cut around 6% of its workforce. This means that it laid off around 300 workers from its corporate offices and fulfillment centers. According to the words of the company’s CEO Matt Salzberg, this realignment was made even more painful by the fact that Blue Apron is such a close-knit team. However, this step, which is a part of a roadmapping and reprioritization exercise, needed to be taken in order to ensure future growth and profitability of the company.
We are sad to see Blue Apron struggling and we honestly hope that it will soon get back up on its feet.