updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Grubhub said that it would offer employees a severance package for 16 weeks but refused to comment on the specific positions removed.
In a message to employees on Monday, June 12, food delivery platform Grubhub stated that it plans to lay off 400 employees i.e. 15% of its corporate workforce. The company cited the reason for maintaining “competitiveness” in the current macro environment.
Also, in comparison to other market players such as Uber Eats and DoorDash, Grubhub has failed to capture the market share. The company said that it would offer employees a severance package for 16 weeks. However, Grubhub refused to comment on the specific groups or positions affected. In his memo, Grubhub CEO Howard Migdal said:
“There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness, deliver the best possible service for diners and our other partners, and be successful for the long-term.”
Back in 2021, Dutch multinational Just Eat Takeaway.com acquired Grubhub in an all-stock transaction at a valuation of $7.3 billion. However, it turns out that less than a year after the sale, Just Eat Takeaway said that it has been exploring the “partial or full sale” of Grubhub.
The Grubhub spokesperson hasn’t responded to whether the workforce layoffs are connected to a potential sale process.
Around 400 people are being impacted by job cuts, highlighting the increasing troubles faced by the Chicago-based company. Grubhub, which includes subsidiaries like Seamless and Eat24, has been struggling despite the ongoing demand for takeout. Even though the pandemic boom has subsided, Grubhub has been unable to gain traction.
As of April, Grubhub and its subsidiaries accounted for only 9% of consumer spending on meal delivery in the US, according to Bloomberg Second Measure. Grubhub CEO Howard Migdal said that the company will continue to focus on future business priorities. He added:
“While our business has grown since our 2019 pre-pandemic levels, our operating and staff costs have increased at a higher rate. These changes, while difficult, will help ensure we have the right resources and structure to focus on the business priorities and opportunities ahead.”
The food delivery space is turning more competitive with every passing day, and it will be important to see how Grubhub manages to navigate through these times.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Grubhub, an American online food delivery platform, has come up with an exciting new way to engage its users. The company has partnered with Bitcoin rewards company Lolli to allow its users to earn Bitcoin (BTC) on every order.
Integrating crypto into a simple routine activity – like ordering food online, is yet another effort at driving crypto adoption.
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Lolli has partnered with many companies in various sectors to offer customers BTC rewards.
In a Wednesday announcement, Lolli said that Grubhub customers will earn $5 in BTC on their first order. Subsequently, they would get $1 in BTC on other food orders using the platform’s extension. Before users can enjoy this benefit, they must activate Lolli on web or mobile before placing an order at Grubhub. And after a user earns up to $15, or roughly 0.00026 BTC at the current price of $56,902, they would be able to transfer it to their own virtual wallet.
BTC trading at $56.9K | Source: BTCUSD on TradingView.com
CEO and Co-founder of Lolli Alex Adelman explained that Lolli’s mission is to integrate bitcoin into aspects of everyday life.
“Food delivery is a ritual for many and bitcoin rewards make bitcoin a part of that ritual. Giving users bitcoin rewards on every Grubhub order is an incredible milestone for bitcoin adoption, making earning BTC easier and more accessible than ever,” he said.
Grubhub’s Director of Growth Marketing, Bridget Scanlan, also expressed her pleasure with the partnership. For Grubhub, it is yet another way to reward its diners.
Last month, the company announced a new innovative food-delivery method to its University of Arizona customers. It now uses delivery robots known as rovers to deliver all orders from on-campus dining locations.
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Lolli is, however, not the first – nor will it be the last – company in the food industry to integrate crypto into its products. Just last month, fast-food chain Burger King, in partnership with Robinhood, gave its customers crypto prizes. Members of its Royal Perks loyalty program got to earn BTC, Ethereum (ETH), and Dogecoin (DOGE) after spending $5 or more at the fast-food chain.
According to Lolli, it is the first bitcoin rewards application that allows people to shop online and earn BTC. The company has teamed up with over 1000 top brands and merchants, including Microsoft, Kroger, Sephora, and Macy’s, to offer customers BTC rewards.
Lolli believes that bitcoin is a “global alternative currency and universal store of value and wants to share it with the world.”
Featured image by Panbeta, Chart from TradingView.com