Meal-kit delivery service Blue Apron has gone through a rough couple of months since its June IPO.
In a memo to employees, CEO Matt Salzberg said: "Our leadership and Board did not take this decision lightly, and I want to assure you that we believe it was necessary as we focus the company on future growth and achieving profitability."
Earlier this year, Blue Apron's highly anticipated IPO fell flat. By July — less than a month after it went public — MarketWatch called it "the worst performing large IPO of 2017."
Blue Apron has recently struggled from competition with Amazon's meal-kit service, "unexpected complexities" transitioning to a new factory and competition from similar companies like Plated, Sun Basket and HelloFresh.
Earlier this month, HelloFresh wrote in a presentation to its own potential IPO investors, "We have out executed Blue Apron across all dimensions."