Earlier today we reported on initial public offerings that failed to meet expectations. Now another startup can be added to that group: meal delivery service Blue Apron Holdings, Inc.
After being lauded earlier this year as the future of home delivered meals, Blue Apron saw its return after its June 29, 2017 IPO plummet 90% since then, according to research by Bloomberg. That makes it the third largest decline from its opening day IPO. Only CHC Group and Eclipse Resources recorded bigger declines.
Blue Apron has been struggling in other fronts, too. It laid off 6 percent of its employees in its corporate and fulfillment centers late last year. It has also seen a 23% decrease in total orders of its meals.
New York City based Blue Apron (NYSE: APRN) closed at 11% below its previous close, at 0.8972.