Blue Apron slices share price range, hinting at tough market

SHARE Blue Apron slices share price range, hinting at tough market
ap17179527732079.jpg

A home delivered meal from Blue Apron. | AP file photo

NEW YORK — Blue Apron, the meal-kit delivery company, is slashing the price it expects to sell its shares by as much as 40 percent, a sign that the company may be having trouble attracting investors.

The price chop Wednesday comes as competition to deliver groceries heats up. E-commerce giant Amazon.com Inc. is expected to shakeup the industry after announcing plans to buy organic grocer Whole Foods earlier this month.

Blue Apron now expects its initial public offering to be between $10 and $11 per share, down from its forecast a week ago between $15 and $17.

The New York company and its many competitors, including HelloFresh and Plated, ship boxes to customer’s doorsteps with all the raw ingredients needed to make home-cooked meals. Blue Apron says it has 1 million customers.

The Latest
Despite getting into foul trouble, which limited him to just six minutes in the second half, Shannon finished with 29 points, five rebounds and two assists.
Cowboy hats, bell-bottoms and boots were on full display Thursday night as fans lined up for the first of his three sold-out shows.
The incident occurred about 3:40 p.m. near Minooka. The horse was successfully placed back into the trailer, and the highway reopened about 40 minutes later. No injuries were reported.
The Hawks conceded the game’s only two goals within the first seven minutes and were shut out for the 12th time this season in a 2-0 defeat Thursday.