APRN - Blue Apron discloses that it cut 20% of its corporate workforce in July

2023-08-09 06:54:45 ET

Blue Apron ( NYSE: APRN ) disclosed on Wednesday that on July 19, the company further executed its planned reduction in corporate personnel, which was previously announced in conjunction with the closing of the transaction with FreshRealm on the closing date.

The meal kit seller noted that as it executes its asset-light model, it is further streamlining its business to better match its resources to the new structure. The reduction in corporate personnel reflected approximately 20% of Blue Apron's ( APRN ) then total corporate workforce.

As a result of the streamlining action, Blue Apron ( APRN )  expects to incur approximately $1.7M in one-time employee-related expenses, primarily consisting of severance, substantially all of which will result in cash expenditures. APRN incurred approximately $0.4M in Q2 and expects to incur the remainder of such expenses during Q3. The reductions are expected to drive additional annualized cost savings of approximately $7.0M.

Shares of Blue Apron ( APRN ) rose 5.15% in premarket action on Wednesday following the release of the company's earnings report .

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