Just Eat Explores Grubhub Sale As It Sees Corrections Following Pandemic Recovery

Just Eat Takeaway.com NV JTKWY weighed a partial or complete sale of its Grubhub unit less than a year after buying it for $7.3 billion.
Just Eat Takeaway.com explored strategic actions for the U.S. division after losing an unusually high level of customers across its key markets, Bloomberg reports.
CEO Jitse Groen saw the business as an essential part of industry consolidation.
Groen has been touting a turnaround plan that featured activity on Grubhub and expansion into groceries and building out its courier network.
Shareholders lobbied for quicker action around its assets, pushing for clarity on developing other parts of the business.
Groen saw outside investment in Grubhub feasible, including from private equity or strategic partners.
The move reflects how the end of the pandemic has reversed the trend of the food delivery industry from a hot property into a struggling sector. Netflix Inc NFLX and Peloton Interactive Inc PTON also faced similar ordeals.
Price Action: JTKWY closed at $5.66 on Tuesday.
Photo by Haydn Blackey via Flickr