Shares of Boston-based restaurant technology company Toast have tumbled after the company backflipped on its decision to add a $0.99 charge to all online orders over $10 less than two weeks after introducing the fee.
The company’s CEO Chris Comparato said in a message to restaurant owners, who had pushed back against the move, that the new fee had been a mistake.
“While we had the best of intentions — to keep costs low for our customers — that is not how the change was perceived by some of you,” Comparato wrote, as reported by The Boston Globe.
“We made the wrong decision and following a careful review, including the additional feedback we received, the fee will be removed from our Toast digital ordering channels.”
Toast stock had fallen 15.4% to US$22.64 at noon on Wednesday.
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