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Deliveroo Shuts Australia Business On Account Of Poor Patronage: Report

Benzinga · 11/16/2022 06:22
  • British online food delivery company Deliveroo PLC (OTC:DROOF) has decided to close its Australian business, succumbing to its competitors.
  • The company failed to secure enough orders to stay in business against rivals, including Uber Technologies, Inc. (NYSE:UBERUber Eats and Menulog.
  • Deliveroo Australia Pty, Bloomberg reported, will stop trading. Australia accounted for 3% of the food delivery company’s total gross transaction value.
  • Deliveroo in October lowered its outlook as the pandemic-induced surge in food orders came down after restrictions were eased.
  • Deliveroo had also announced plans to exit the Dutch market in November end.
  • Price Action: DROOF shares closed at $1.00 On Tuesday.