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.
  • Photo Via Company
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