Juicero -- the startup behind the notorious $700 (now $400) juicer -- is closing its doors after 16 months of service. The company has converted their official product website into a one-page press release explaining the reasoning behind the company's closure, and how it will impact their current customers.

According to Juicero, the company's main problem has been balancing the costs of the manufacturing and distribution of their products with more affordable price points. To quote the press release: "...it became clear that creating an effective manufacturing and distribution system for a nationwide customer base requires infrastructure that we cannot achieve on our own as a standalone business."

Indeed, the company seems to have realized this problem back in July, with Juicero CEO Jeff Dunn stating in a company-wide email that "...the current prices of $399 for the (Juicero) Press and $5 - $7 for produce packs are not a realistic way for us to fulfill our mission at the scale to which we aspire". Though Juicero intended to offset these mounting manufacturing & distribution costs by offering a second-generation $200 juicer to their customers, it seems the troubled start-up has simply decided to cut their losses entirely.

Although the company claims that its closure is purely a result of unsustainable distribution and manufacturing costs (and a lack of proper infrastructure) there's another (simpler) possibility: not enough people are interested in paying $400 for what they can do at home for free (albeit with a bit more cleanup) - something the company has faced criticism for in the past.

For anyone who's worried about being left in the lurch after purchasing their own Juicero Press, don't worry - Juicero has you covered. The start-up claims that all customers who have purchased the Juicero Press at any point in the past will be eligible for a refund for the next 90 days, until December 1st. Additionally, if you still have an active Produce Pack subscription, you'll be receiving your final shipment next week.