Blue Apron shares rebound on job cuts and a plan to juice its stock price | CNN Business

Blue Apron\n \n , the home meal kit delivery service, paid off its debts and plans to streamline its business with job cuts, restructuring and a sale of assets to fellow meal company FreshRealm. The crowded meal-kit business has suffered post-pandemic, so Wall Street reacted enthusiastically to the retool.

But with the sale of its “operational infrastructure” to FreshRealm, BlueApron received $25 million in cash upfront and is eligible to receive up to $25 million more if the company reaches certain milestones, a release said Friday. “Blue Apron is now an asset-light company, focused on the growth of its direct-to-consumer business,” the company said, adding it “expects to accelerate the expansion of its product offerings, including the addition of new convenient options.

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