Blue Apron slides after Chick-fil-A says its entering the meal-kit business
- Blue Apron shares are lower on Monday after Chick-fil-A said it plans to enter the meal-kit business.
- Chick-fil-A joins Amazon, Walmart, and others in what seems to be an increasingly crowded space.
- Watch Blue Apron trade in real time here.
Shares of the meal-kit delivery service Blue Apron are down 2.57% Monday following news the fast-food chain Chick-fil-A is its newest competitor.
Chick-fil-A said on Monday that it plans to launch its meal-kit service "Mealtime Kits" at 150 restaurants in the Atlanta area in late August. The kits will include fresh, pre-measured ingredients, and can be bought at Chick-fil-A drive-thrus or counters, or through the company's app.
The news is the latest blow to Blue Apron, which has seen competition ramp up since announcing plans for an initial public offering in June 2017. Just a few weeks after the meal-kit service became a publicly-traded company, Amazon said it would enter the industry. And in March of this year, Walmart said it too would offer meal kits.
It has been tough sledding for Blue Apron since its IPO, with shares down about 70% since pricing at $10 apiece.