cooking up an IPO 🍳
Blue Apron Put IPO Plans on Hold to Focus on Financials
Meal-kit delivery company Blue Apron Inc. has put preparations for an initial public offering on hold, people familiar with the matter said, delaying selecting bankers while it focuses on improving its financial metrics.
Even with more than $800 million in annual revenue this year, the company has struggled to improve profit margins as much as management wanted in the face of more competition, the people said. A stronger performance is needed to support the $3 billion valuation that the company was targeting in an IPO.
Like many of its subscription-based rivals, Blue Apron offers generous sign-up discounts to new customers. It’s harder to get them to stick around when the markdowns end. While the New York-based company was one of the first to create such a service, new entrants to the market have given subscribers plenty of other options.
In Blue Apron’s Chaotic Warehouses, Making Dinner Easy Is Hard Work
Blue Apron wants to revolutionize the food system by selling would-be home cooks all the ingredients they need to make a wholesome meal without setting foot in the grocery store.
All told, interviews with 14 former employees describe a chaotic, stressful environment where employees work long days for wages starting at $12 an hour bagging cilantro or assembling boxes in a warehouse kept at a temperature below 40 degrees.
Before they opened a food processing facility there, Blue Apron’s three co-founders were new to Richmond...Between them, they have experience in high-end cooking, software engineering, and business, but none with warehouse security or large-scale logistics.
Whole Foods Invests in Instacart at 2014 Valuation
The deal represents a deepening of the relationship between the two companies.
Whole Foods first teamed up with Instacart on a delivery program in 2014 and has since expanded to more than 25 markets across the U.S. It allows customers to order food and other products directly from the Whole Foods website and have them delivered.
Target Goes After Millennials With Small, Focused Stores
Big-box retailer Target is opening smaller stores in urban areas and college towns as it battles declining traffic and sales at its nearly 1,800-strong fleet of largely suburban stores.
The People Moving Back Into Big American Cities Are Mostly Rich White People
We keep hearing that this is the age of rapid urbanization: By 2050, 70 percent of the world’s population will live in cities. But in the United States, the people moving into those cities are largely rich, white, and childless. What’s more, not as many of them are moving as they were a few years ago.