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Blue Apron Tumbles To Record Lows After Slashing Workforce By 24% (Just 36 Days After IPO)

As one veteran market participant exclaimed: "Seriously, how is that not illegal?"

Just 36 days after the company IPO'd to much CNBC-based applause and "the IPO market is back", Blue Apron shares are languishing at record low $6.01 (down 45% from its highs of $11) drastically below the IPO price of $10.

It is tumbling to fresh lows today after announcing - ahead of its earnings next week - that the company is cutting 1,270 jobs from its New Jersey facility according to a public notice Friday. It had 5,202 workers as of March 31.

Last month the company said Chief Operating Officer and co-founder Matt Wadiak is stepping down.