Hundreds of people could lose their jobs when Blue Apron closes one facility in New Jersey and shifts operations to another one 15 miles away, the company said in a public notice Friday, the latest in a series of headlines that have raised concerns for wary investors. Blue Apron, whose stock has slumped since its I.P.O. about a month ago, expects that more than half of its 1,270 employees in Jersey City—which represents about 24 percent of the company’s total workforce—will make the transfer to the new location in Linden. The billion-dollar meal-kit delivery start-up has been under pressure since the week of its market debut, which was overshadowed by Amazon announcing its intent to purchase Whole Foods for $13.7 billion. Blue Apron responded by lowering its offering price by a third.

A Blue Apron spokesperson said that the layoff notice was nothing more than a formality. “As we scale up operations at our new Linden, New Jersey, fulfillment center, we are ramping down our Jersey City, New Jersey, facility. Our Linden location is a brand new, 495,000 square-foot state-of-the-art facility that we expect will enable us to execute on our product expansion strategy,” a spokesperson told the Hive. “All of our Jersey City employees (currently 1,270) have been offered the opportunity to transfer to a same or comparable position in Linden, and the majority of those employees have already elected to transfer. We hope that the remainder of our Jersey City employees will join us in Linden, as their knowledge and experience is invaluable.” About 800 employees have already indicated they will transfer to the new facility, the spokesperson said. (Bloomberg, which first reported the news, notes that Blue Apron had a total of 5,202 workers as of March 31; most are responsible for sorting and assembling food into meal kits.)

Blue Apron announced plans to hire about 2,000 more employees for the Linden facility earlier this year as part of an expansion strategy that will include opening another facility in Fairfield, California, next year. Even if the layoff news is less scary than it appears at first look, Wall Street reacted swiftly. Investors were already jittery after the company announced a corporate shake-up last week that saw co-founder Matt Wadiak step away from his role as C.O.O. to become a senior adviser at the company. By Friday afternoon, shares of the company had dropped nearly 5.6 to 5.8 percent in value. Blue Apron has lost about 40 percent of its value since opening at $10 a share in late June.