About four months after Blue Apron hit the public markets, the meal-kit delivery company has said it is laying off 6% of its staff, a move that affects corporate and fulfillment center employees. Blue Apron (NYSE: APRN) had just over 5,000 employees as of the end of last year; using that number, the layoffs will impact about 300 people.
Since its highly anticipated IPO, the company's stock has tanked. Shares debuted at $10 apiece with a market cap of about $1.9 billion—but since the beginning of August, they've been trading mainly in the $5 to $5.50 range, with a current market cap of only about $1 billion. Blue Apron has struggled with its business, something that may be partly attributable to competition from Amazon. The company will release its 3Q earnings report on November 2.