Blue Apron Plans To Cut 10% Of Its Corporate Workforce

Blue Apron Holdings Inc APRN plans to slash 10% of its total corporate workforce, as it intends to better align internal resources with strategic priorities.
The company expects to incur approximately $1.2 million in employee-related expenses, mostly consisting of severance payments.
Blue Apron expects to recognize such expenses in the fourth quarter of 2022.
Blue Apron plans to further reduce expenses and has identified expense reductions of up to approximately $50.0 million in 2023 compared to 2022.
Blue Apron is working to strengthen its balance sheet to maintain compliance with its $25.0 million minimum liquidity covenant.
In addition, Blue Apron continues to work with its financial advisors to evaluate financing and other alternatives, in addition to being in discussions with its lender.
In November, APRN reported worse-than-expected financial results for Q3 and withdrew its full-year guidance.
Also Read: Blue Apron's Chef-Curated Meals Now Available Via US Amazon Store Without Subscription
Price Action: APRN shares are trading higher by 1.42% at $0.77 on the last check Thursday.
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