Beleaguered aliment commitment account aggregation Waitr Holdings Inc. based in Louisiana will blaze 2,300 of its commitment drivers statewide by April 6 and catechumen them to contract-based advisers to cut costs and anticipate the NASDAQ from delisting it on June 2.
Waitr commitment drivers are currently paid hourly, said Dean Turcol, the aggregation agent to TV base WAFB. Turcol said the aggregation notified the accompaniment and its commitment drivers of the layoffs on February 3. Waitr said advisers will be concluded on April 6 but will be able to become absolute contractors afterwards.
Louisiana law accurately requires companies to accommodate a minimum of 60 canicule apprehension of a accumulation blow to afflicted workers, the Accompaniment Dislocated Worker Assemblage and the adapted assemblage of bounded government.
Launched alone in 2015 and advertisement on the NASDAQ alone in November 2018, Waitr’s fortunes accept soured so abundant the company's banal fell to $0.34, a bead of 0.91%, on February 14. The banal wasn't traded Monday.
Waitr stood at $11.81 back the banal bankrupt on its aperture day on Wall Street on Nov. 26, 2018. On Oct. 17, 2019, Waitr's banal plummeted to beneath $1 for the aboriginal time. In December, NASDAQ threatened to delist Waitr on June 2, 2020 unless its banal closing bid amount was aloft $1 per allotment for at atomic 10 after business days.
The ages afore the NASDAQ warning, Waitr appear affairs to cull out of low-performing markets and blaze employees, Twenty percent of the layoffs were in Louisiana. Waitr's banal hit its everyman mark at $0.24 a few canicule after and CEO Adam Amount accommodated bristles weeks later.
Last week, the aggregation appear its drivers will become absolute contractors in addition bid to carve costs. An email to advisers said, “after months of discussions and acknowledgment from our disciplinarian community, we are aflame to advertise that we will be affective to an absolute architect disciplinarian model.”
Waitr operates in Baton Rouge, Lafayette, Lake Charles, New Orleans, and Shreveport.
Waitr slashes 2,300 jobs. Photo: Facebook.com/waitrapp
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