Just Eat Takeaway NV, parent company of Grub-ub has announced a $3 billion write down of Grubhub based on low comparable valuations among food delivery companies.  Grubhub was purchased for $7.3 billion in 2021 and is now offered for complete or partial sale.

Orders in North America fell ten percent over the first half of 2022 consistent with post-COVID retraction in food delivery.  Apart from high expenses associated with labor and fuel, Grubhub is experiencing extreme competition from DoorDash and Uber Technologies in addition to local independents and restaurants.

Parent company Just Eat Takeaway reported a $3.5 billion loss for the first half of FY2022 compared to a $500 million loss for the comparable period in 2021 despite a 36 percent increase in revenue to $2,800 million.