It's Bloomberg - they specialize in getting info out quickly and filling in the details as they hear about it. Not thorough, but being first is what, you know, gets you to the top of Hacker News and lets you sell ridiculously expensive stock trading terminals.
Now we see some of the future details coming in:
> Blue Apron Holdings Inc. is closing a New Jersey facility and moving 1,270 jobs to a bigger site opening in the state later this year.
> More than half of the employees at the Jersey City facility have decided to move to Linden, New Jersey, a company spokeswoman said. According to a public notice, the original Jersey City fulfillment center will close by October. Workers notified Friday of the changes will still have the opportunity to relocate to the new warehouse, the spokeswoman said. The move affects 24 percent of Blue Apron’s workforce.
> Opening new site in Linden that will need 2,000 or more staff
They're growing and relocating, this isn't a massive downsizing as the headline would have you believe, unless it's PR spin on something I don't fully understand.
The stock is definitely down 5%, so if you figure it out feel free to let me know and I'll buy some options :)
> More than half of the employees at the Jersey City facility have decided to move to Linden, New Jersey
Fun fact if you haven't experienced it before. A company will close a facility, and say you can have the same job elsewhere usually requiring drastically different travel time. If you refuse you can't draw unemployment or get any benefits because you turned down the job.
This happened almost 10 yrs ago and I don't anyone who took the deal....I can't imagine anyone would accept such a package, even people who are from India...it was basically just a legal and PR cover, they knew no one was going to take it.
To be fair, it's only 12 miles away. While definitely a pain I don't think it's totally unreasonable especially considering there are almost certainly legitimate operational needs for a larger facility.
In London that's about the same as moving an office from West London to East London (which is happening all the time).
Ah, then that's the PR spin I was trying to be cautious of. It's hard to tell the math from the way they've written it here. What was the former number of employees and what will it be going forward?
That makes sense, and explains why the stock is down. It's actually a nastier form of layoffs. Thanks!
Edit: Actually it looks like it's a net increase in employment. This is insanity.
It looks like Blue Apron misspoke to the press and gave numbers that made it sound like massive layoffs, and Bloomberg wrote the initial version of this article based on the CNBC reporting, which was based on the bad numbers. See this Twitter thread: https://twitter.com/jowens510/status/893545938790363139
Now we see some of the future details coming in:
> Blue Apron Holdings Inc. is closing a New Jersey facility and moving 1,270 jobs to a bigger site opening in the state later this year.
> More than half of the employees at the Jersey City facility have decided to move to Linden, New Jersey, a company spokeswoman said. According to a public notice, the original Jersey City fulfillment center will close by October. Workers notified Friday of the changes will still have the opportunity to relocate to the new warehouse, the spokeswoman said. The move affects 24 percent of Blue Apron’s workforce.
> Opening new site in Linden that will need 2,000 or more staff
They're growing and relocating, this isn't a massive downsizing as the headline would have you believe, unless it's PR spin on something I don't fully understand.
The stock is definitely down 5%, so if you figure it out feel free to let me know and I'll buy some options :)