Ocado's US Partnership Takes Hit

Ocados shares plummeted to a decade-low following Krogers decision to close three of their robotic warehouses in the US, costing Ocado around £38 million. The news sent Ocados stock tumbling by 24% at one point, marking their lowest share price since 2013. Kroger, a major supermarket operator, has been working with Ocado since 2018 and is now expanding partnerships with delivery services like DoorDash, Instacart, and Uber Eats. Ocado expects to receive £190 million in compensation, but the future of their US market growth remains uncertain.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.