trending Market Intelligence /marketintelligence/en/news-insights/trending/jIwGyWzrYHHuCftazjszTQ2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Report: Blue Apron to close facility, move 1,270 jobs

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Corporate Credit Risk Trends in Developing Markets: A Probability of Default Perspective


Report: Blue Apron to close facility, move 1,270 jobs

Meal kit maker Blue Apron Holdings Inc. is closing a facility in Jersey City, N.J., and some 470 workers may lose their jobs if they decide not to transfer to another facility in the state, according to a report from The Associated Press.

By Oct. 6, the company will cut 1,270 employees based in Jersey City — about a quarter of the company's workforce of 5,202, according to a notice filed with a New Jersey state agency as well as a separate filing made with the SEC on Aug. 4. Under New Jersey law, companies must notify the state's Department of Labor and Workforce Development at least 60 days before they plan to make the reduction.

About 800 workers have asked to transfer to the new facility in Linden, N.J., and Blue Apron expects more to do so by the October deadline, according to the report.

The notice represents the latest woe for Blue Apron since its IPO in June. Although the company said it would price its shares between $10 and $11, the stock has fallen about 37% since then and was trading at less than $6 on the afternoon of Aug. 4.

On July 25, the company said COO and co-founder Matthew Wadiak would leave his posts to become an adviser to the company.

Since the company revealed its intention to go public in June, investors have questioned the company's skyrocketing market spending as well as its broader plans to become profitable.