Last month, Nestlé announced that it is partly offloading its Freshly meal delivery business following disappointing results. Indeed, Blue Apron is not the only major meal subscription company that has had to make significant changes in response to the economic slowdown.
Moreover, the study found that about one in four consumers who subscribed to a food and beverage service intend to cancel their plan in the next 12 months. Get the study: Subscription Commerce Conversion Index: Subscribers Seek Affordability And Convenience consumers, finds that subscription rates are down in all categories except streaming, and the average number of subscriptions per retail subscriber dropped to the lowest level since early 2021. Research from last month’s study, “ Subscription Commerce Conversion Index: Subscribers Seek Affordability And Convenience ,” a PYMNTS and sticky.io collaboration, which draws from a survey of more than 2,100 U.S. The news comes as consumers cut back on their subscription spending amid the economic downturn. “We also are in discussions with our lenders, as assuming we receive no funding, expect to be in breach of our minimum liquidity covenant as early as later this month.” “We’re working on a number of cost savings initiatives and in discussions with financial advisers to evaluate financing and other alternatives,” interim Chief Financial Officer Mitchell Cohen told analysts on a call last month discussing the company’s third-quarter financial results. The news comes as the company risks breaching its $25 million minimum liquidity covenant.
These cutbacks include decreasing spending on marketing and consulting in addition to labor. 8) in which it also stated that it intends to reduce expenses by around $50 million in 2023 relative to this year. The meal kit company shared the news in a press release Thursday (Dec. Blue Apron has announced that it is laying off about 10% of its corporate staff.
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