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Earnings

Blue Apron considering options including going private amid fall in revenue

FILE PHOTO: The logo of Blue Apron is shown on a large sign in front of the New York Stock Exchange before the company's IPO in New York, U.S., June 29, 2017. REUTERS/Lucas Jackson

(Reuters) - Meal-kit delivery company Blue Apron Holdings Inc APRN.N said on Tuesday it is considering options including going private and announced the closure of its Arlington, Texas facility.

The company, which went public in 2017, is also considering alternatives such as a sale of the company or some of its assets.

It expects a net loss in the first quarter of between $22 million and $26 million, which includes charges to close its Texas facility, Blue Apron said on a conference call Wednesday.

Shares were down 21.2% at $3.45 in afternoon trade.

Overwhelmed by rising competition and falling sales, Blue Apron’s stock has been declining since its Wall Street debut. The stock fell almost 33% so far this year.

Blue Apron, whose fourth-quarter revenue fell by 33% to $94.3 million, said it will consolidate its New Jersey and California facilities.

The company’s customer base also fell by 9% to 351,000 at the end of the quarter ended Dec. 31.

Reporting by Neha Malara in Bengaluru; Editing by Shailesh Kuber, Bernard Orr

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