Blue Apron considering going private amid fall in revenue

FILE PHOTO: The logo of Blue Apron is shown on a large sign in front of the New York Stock Exchange before the company’s IPO in New York, U.S., June 29, 2017. REUTERS/Lucas Jackson

(Reuters) – Meal-kit delivery company Blue Apron Holdings Inc (APRN.N) said on Tuesday it is considering going private and announced the closure of its Arlington, Texas facility, sending its shares up 3% in trading after the bell.

The company, that went public in 2017, is also considering alternatives that could result in private ownership or sale of the company or some of its assets.

Overwhelmed by rising competition and falling sales, Blue Apron’s stock has been declining since its Wall Street debut. The stock fell almost 33% so far this year.

Blue Apron, whose fourth-quarter revenue fell by 33% to $94.3 million, said it will consolidate its New Jersey and California facilities.

The company’s customer base also fell by 9% to 351,000 at the end of the quarter ended Dec. 31.

Reporting by Neha Malara in Bengaluru; Editing by Shailesh Kuber

Leave a Reply