Why Blue Apron Holdings Inc's Shares Plunged 37% in November
Shares of Blue Apron Holdings Inc (NYSE: APRN) plunged 37.3% in November, according to data provided by S&P Global Market Intelligence, after the company revealed problems with a new fulfillment center. The stock is down over 60% since its IPO this summer and it doesn't look like a turnaround is imminent.
November's drop began with management revealing at a conference that the transition to a new fulfillment center in New Jersey isn't going as planned. The move is not only costing a lot more than expected, but management has pulled back on marketing because it was getting orders wrong and didn't want to deliver a poor product to customers.
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Source: Fool.com
