LOUISIANA (The News-Star) — According to our content partners at the News-Star, Louisiana-based food delivery company Waitr will cease operations in 38 “clearly unprofitable” markets over the coming months as the company’s leadership tries to find a “trajectory for a sustainable business,” CEO Adam Price told investors Thursday.
The third quarter of 2019 — Price’s first quarter as CEO after founder Chris Meaux resigned and took a position on the board in August — saw the company lose $220.1 million, or $2.89 per share, after only losing $6.5 million in the third quarter of 2018. In the second quarter, Waitr reported a loss of $24.9 million, after reporting a profit in the same period of 2018.
Price emphasized the company’s efforts to streamline the business and reduce overhead costs, such as the market closures and a 50% reduction in Waitr’s sales staff.
“There was not a clear path to profitability,” Price said of the 38 markets. “We just didn’t see a way to get there with the resources we have.”
To read the full article, click here.