Job Cuts: Blue Apron Already Trimming Fat

(RTTNews) - Blue Apron Holdings Inc. has announced that it will close itS New Jersey facility and transfer 1,270 jobs to new facility located in Linden, New Jersey later this year.

Blue Apron will give its employees of the Jersey City facility an option to transfer to the new Linden location, but if they choose not to accept, their employment will be terminated in October.

"As we scale up operations at our new Linden, NJ fulfillment center, we are ramping down our Jersey City, NJ facility. Our Linden location is a brand new, 495,000 sq. ft. state-of-the-art facility that we expect will enable us to execute on our product expansion strategy. All of our Jersey City employees (currently 1270) have been offered the opportunity to transfer to a same or comparable position in Linden, and the majority of those employees have already elected to transfer. We hope that the remainder of our Jersey City employees will join us in Linden, as their knowledge and experience is invaluable," the company said in a statement according to TechCrunch.

News of the job transfers sent Blue Apron's shares down by over 6%. Blue Apron stock has been struggling since it debut on the NYSE last month. Blue Apron is currently trading below $5.89 a share, compared to its IPO price of $10 per share.