Yahoo Finance's Brooke DiPalma details how restaurants managed under Grubhub's free lunch promotion this week as surges in orders caused an overflow in demand and loss of income for restaurant owners.
Just Eat Takeaway.com NV, Europe's largest food delivery company, on Tuesday said it would discontinue operations in Romania, the third country it has exited this year under pressure to become profitable. "Competitive pressure, our relative scale and the overall market penetration for food delivery in Romania have been insufficient to sustain a healthy business," Takeaway said in a statement. Takeaway, which posted a loss of more than 1 billion euros in 2021, quit the Portuguese and Norwegian markets in March.
A fall in the share price of Just Eat Takeaway.com NV accelerated in late European trading on Thursday, with the stock closing down 12% at 21.18 euros ($22.26) in Amsterdam - below the company's 2016 initial public offering price of 23 euros. Shareholders, who have seen the stock fall 50% so far in 2022, criticised the company's board for not challenging management decisions enough, including the $7.3 billion purchase of U.S. rival Grubhub in June 2021. Takeaway founder and CEO Jitse Groen repeated at the meeting he now plans to either sell or find a partner for Grubhub.