Blue Apron Is Looking For A Buyer: Can It Revive Its Meal-Kit Delivery Business?

Blue Apron Holdings (APRN) is looking for options to revive its business amid lackluster sales and dropping profits. The company is reportedly looking to sell its assets or raise more capital as it looks to grow its meal-kit delivery business.

The company, which was once one of the most promising consumer tech startups, has found itself struggling to find new customers with a market value that has dipped to less than $60 million, Bloomberg reported.

As part of its transformation plan, Blue Apron is now targeting more affluent customers with products such as Beyond Meat’s imitation meat products, the news outlet said. The shift in focus comes as Blue Apron reported its Q4 earnings, which missed expectations.

Blue Apron CEO Linda Kozlowski said in an interview with Bloomberg that a sale or fund-raising option may not happen as planned.

“We can’t promise that strategic options will actually happen,” she said. “When we refer back to the August growth plan, we feel we have the right strategy. We’re already seeing progress on the products side, but we do feel that we require investment in order to really drive the strategy.”

Beyond its intention of selling or securing more funds, Blue Apron will also close a facility in Arlington, Texas, which it previously announced. It also said it will move forward with the consolidation of its New Jersey and California facilities.

Shares of Blue Apron stock were down 20.82% as of 2:29 p.m. EST on Wednesday.