Investing.com - Blue Apron shares hit a new low Friday
Layoffs were reported less than two months after the company's IPO
The New York based company became the first meal kit delivery service to go public
Shares have fallen around 40% since it first started trading
as investors fret over cutting marketing costs and retaining customers
But Blue Apron also has a serious competition problem
Amazon (NASDAQ:AMZN) has entered the meal kit space and is currently testing its meal service in select markets
So far, the kits are available in Seattle and only to Amazon Fresh subscribers
The slogan: “We do the prep. You be the chef.”
Amazon’s push into the $1.5 billion a year meal kit industry will turn up the heat on Blue Apron
The company is scheduled to announce its first quarterly earnings on Thursday