Daily News | Gopuff is laying off 1,500 employees and closing 76 distribution centers over fears of ‘economic turndown’
from global investors as customers boosted sales during the pandemic, is shutting or combining 76 distribution centers around the country as it braces “for what could be a much more significant macro-economic turndown,” officials told investors this morning.
Rivals Uber and DoorDash have lost more than half their stock-market value since Jan. 1, a sign investors worry the two larger — but unprofitable — companies face weak sales growth and are getting farther from making any money. As a private company, Gopuff doesn’t have to post its financial results; the company claims it is profitable in major markets on an operating basis, not counting financial costs.
Gopuff is planning to cut markets where it does little business, and concentrate on larger communities, in hopes of keeping customer losses to just 5% of its customer base. If successful, that would boost sales per worker, along with profits from operations, according to a memo shared with investors earlier Tuesday.
The company also says it expects smaller delivery services to shut down or sell to larger competitors, reducing competition. That expectation drew scornful drew laughter from Victor Tejada, founder of Philadelphia-based, who says his service, like other locally-based competitors, has “strong relationships with solid Philadelphia restaurants” and expects to continue growing as Gopuff and national services such as UberEats and DoorDash struggle to recruit while pleasing their outside investors.
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