Investing.com - Blue Apron Holdings Inc (NYSE:APRN) has been pummeled since its trading debut, and the company’s shares were taking another hit on Friday after is said it would cut up to 24% of its workforce as it closes a facility in New Jersey.
According to a filing with the New Jersey Department of Labor, Blue Apron anticipates that about 1,270 workers will decide not to transfer to a new location as the company closes the facility. Blue Apron has just over 5,000 employees in total.
Shares of Blue Apron hit a new low of $5.83 on Friday. The company made its trading debut in June, and shares have fallen 40% since. Last month, Chief Operating Officer and co-founder Matt Wadiak resigned.