Why Blue Apron Stock Slipped Today
Shares of Blue Apron (NYSE: APRN) were sliding today after Albertson's, the nation's second-biggest traditional supermarket chain, said it would end online subscriptions of Plated, the meal-kit service the company acquired in 2017 for an estimated $200 million.
The news was just the latest evidence that the meal-kit subscription business was not worth pursuing; Blue Apron has been steadily losing customers for several quarters now as the company has focused on reaching breakeven.
Blue Apron stock closed down 4.2% as the market seemed to interpret the Plated news as a warning.
Source Fool.com
