Grubhub is laying off around 15% of its workforce as the Chicago-based food delivery company seeks to reduce costs to stay competitive, The Wall Street Journal’s Heather Haddon reports, citing an email viewed by the publication. Chief Executive Howard Migdal said in the message Monday that Grubhub is cutting around 400 positions, and that the company would inform workers about the cuts throughout the day. “While our business has grown since our 2019 pre-pandemic levels, our operating and staff costs have increased at a higher rate,” Migdal said in the message. Grubhub, owned by Dutch food-delivery company Just Eat Takeaway.com (JTKWY), currently employs around 2,800 workers, the author notes. Publicly traded peers include Uber (UBER) and DoorDash (DASH).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on JTKWY:
- Just Eat Takeaway.com price target lowered to 3,550 GBp at Credit Suisse
- Just Eat Takeaway price target lowered to 1,760 GBp from 2,170 GBp at Barclays
- Just Eat Takeaway price target raised to 1,524 GBp from 1,491 GBp at JPMorgan
- Just Eat Takeaway.com price target lowered to 1,491 GBp at JPMorgan
- Just Eat Takeaway.com price target lowered to 3,120 GBp at Deutsche Bank