Blue Apron’s 90% Drop

www.bloomberg.com/news/articles/2018-12-18/blue-apron-s-90-drop-makes-it-third-worst-u-s-ipo-this-decade?srnd=premium

www.cbsnews.com/news/once-tasty-blue-apron-is-now-a-penny-stock/

Blue Apron went public last year in an initial public offering priced at 10 bucks a share. Its stock has been slowly unraveling ever since — the company has lost 90 percent of its market value since the June 2017 IPO.

Despite its cachet among upscale urbanites, investors cooled on Blue Apron after Amazon moved to enter the meal-kit space following its purchase of grocery chain Whole Foods. Other problems have included fulfillment center delays and revenue that has fallen short of Wall Street expectations.

The company, which continues to lose money, in November said it would reduce its workforce by about 4 percent in a bid to turn the corner to profitability in the new year.

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