Company that bought Bite Squad signals it paid way too much

The company that in January bought Bite Squad, the Minneapolis food-delivery firm, on Thursday wrote off much of that deal. It had been the most valuable acquisition involving a Twin Cities tech startup this decade. Waitr Holdings Inc. disclosed a $192 million write-off as it announced quarterly results Thursday, contributing to a $220 million loss […]

Louisiana-based food delivery company Waitr goes deeper into the red in third quarter

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 […]

Waitr reports net loss of $220M; company looks to stay independent

Waitr Holdings Inc., the Lake Charles-based mobile app food delivery business, went deeper into the red as the company reported a net loss of $220.1 million, or $2.89 per share, as of third quarter. By comparison, Waitr lost $6.5 million during third quarter 2018. About $192.1 million of the losses stemmed from goodwill and intangible […]

Food delivery service Waitr calling it quits in Lincoln

Restaurant delivery app Waitr has found the competition in Lincoln a little too steep. The company recently told its local drivers that it will be pulling out of the market Dec. 5. Dean Turcol, Waitr’s media relations director, confirmed that news Thursday to the Journal Star. “In order to position ourselves for the future, we’ve […]

New Bite Squad owner cuts dozens from Twin Cities staff as ex-leaders depart

Waitr Holdings, the Louisiana company that acquired Minneapolis-based online restaurant-delivery service Bite Squad a year ago, is making deep cuts to its Twin Cities staff as the last of Bite Squad’s old leaders depart. The Star Tribune reports that Waitr (NASDAQ: WTRH) this week laid off most of its operations and dispatch workers at its Minneapolis […]

Bite Squad to end Sioux City service

SIOUX CITY, Iowa — Bad news for folks who like their food delivered. According to an email received by a local restaurant employee, on-demand food delivery service Bite Squad plans to end service in Sioux City Dec. 5th. Bite Squad tells Siouxland News in a statement: In order to position ourselves for the future, we’ve made […]

Waitr: Outsize Returns More Likely Than Bankruptcy

Summary Waitr, despite all its flaws, has strong growth and a clear path to profitability. Much of its drop is caused by one time problems in Q2 and near term competitive pressures. Valuation is trading far below peers. This article was selected to be shared with PRO+ Small & Micro Cap subscribers – find out […]

Waitr reduces price of delivery fee

Following news of Watir CFO, Jeff Yurecko’s decision to step down, the company is looking for ways to remain competitive in the online food delivery market. One avenue they’re pursuing is a reduction of their delivery fee, bringing it down from $6 to $4. The Advocate says Waitr’s New Orleans location began experimenting with even lower […]

Waitr chief financial officer, two board members resign as turnover at top continues

The chief financial officer and two board members at Waitr are resigning as turnover at the top continues at the Louisiana-based mobile app delivery business. The company, which has been struggling to turn a profit for months and is looking to ways to compete for customers and restaurants alike, also dropped its delivery fee to $4 from […]