- British online food delivery company Deliveroo PLC DROOF has decided to close its Australian business, succumbing to its competitors.
- The company failed to secure enough orders to stay in business against rivals, including Uber Technologies, Inc. UBER Uber Eats and Menulog.
- Deliveroo Australia Pty, Bloomberg reported, will stop trading. Australia accounted for 3% of the food delivery company’s total gross transaction value.
- Deliveroo in October lowered its outlook as the pandemic-induced surge in food orders came down after restrictions were eased.
- Deliveroo had also announced plans to exit the Dutch market in November end.
- Price Action: DROOF shares closed at $1.00 On Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
