On Monday, Just Eat Takeaway.com NV JTKWY owned food-ordering and delivery marketplace, Grubhub, disclosed its decision to reduce headcount by around 15%.
The job cut will impact around 400 roles at the company.
The move reflects Grubhub's initiative to decrease operating and staff expenses and stay competitive in the industry.
Last week, Grubhub announced the extension of its deal with Amazon.com Inc AMZN for an additional year for providing a free one-year Grubhub+ offer to Amazon Prime members in the U.S.
Earlier, Just Eat stated that it is considering a strategic partner for Grubhub, or a partial or full sale of the business, per WSJ.
Price Action: JTKWY shares are trading at $2.77 on Tuesday.
Photo by Haydn Blackey via Flickr
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