Meal kit company Blue Apron has long been on the struggle bus -- whether it's been its lackluster debut on the public market, employee lawsuits or layoffs. So, it should come as no surprise that the company is considering selling itself in order to maximize value for shareholders.
In addition to a potential sale, Blue Apron is exploring a merger, raising capital through either the public or private markets, selling off assets or some combination of the above.
“We continue to believe that we have the right strategy to drive our resumption of growth as we work to launch additional new capabilities and test new product offerings,” Blue Apron CEO Linda Findley Kozlowski said in a press release. "Our strategic alternatives process, together with our cost optimization initiatives, is intended to best position the company for the future, including to support our growth strategy. These efforts reflect the commitment of the Board, management and myself to doing what’s in the best interest of the business, Blue Apron’s shareholders and other stakeholders."
In Q4 2019, Blue Apron reported a net revenue decrease of 33% year-over-year, to $94.3 million. For the full fiscal year of 2019, revenues decreased 32%, to $454.9 million from $667.6 million the year prior. Blue Apron attributes this to a decline in customers.