Facing increased pressure from competitors, steadily declining stock prices and board member departures, mobile food-delivery service provider GrubHub (NYSE: GRUB) has announced new initiatives to strengthen its financial footing.

The Chicago company said Jan. 25 that it has obtained a $200 million credit facility and will repurchase up to $100 million of its stock, as market conditions permit.

Also promising, GrubHub expects to report fourth quarter 2015 revenues between $98 to $100 million, up from $85.7 million one quarter earlier. The adjusted 4Q15 Ebitda is slated “modestly above current guidance of $23 to $25 million.”

"We made solid progress in the fourth quarter, delivering revenue at the high end of guidance and adjusted Ebitda above guidance as we continued our momentum in delivery and leveraged our position as the clear leader in mobile and online takeout ordering,” said CEO Matt Maloney. “We continue to generate excellent cash flow, and the new credit facility will further augment our already strong cash position, enabling us to aggressively pursue strategic growth opportunities in 2016 and beyond."

Perhaps GrubHub is hoping these changes will help stymie its stock decline. Shares have dropped by 46 percent over the last 12-month period. Following the announced planned initiatives, the company’s shares rose up to nearly $21, but dropped to $18.71 by day’s end.

Also, GrubHub closed out 2015 with the departure of a key board member. The company disclosed in a Dec. 24, 2015, SEC filing that Bill Gurley, partner at Menlo Park, Calif.-based venture capital firm Benchmark, would be stepping down. Reportedly, Gurley, who also holds a board seat at app-based ride sharing service Uber, parted ways with GrubHub, following the launch of Uber’s food delivery service. GrubHub also said it will also appoint “two additional independent directors.”

Not to be ignored, competition in the food delivery app space has been increasing. Since GrubHub’s 2013 announced plan to merge with New York-based Seamless, similar companies have merged and gained ground in the space. In February, 2015, Yelp Inc. acquired Eat24.com LLC in a cash-and-stock deal is valued at $134 million. Earlier, in August 2014, mobile payment service Square Inc. purchased food delivery company Caviar. GrubHub hinted that it might also have eyes on new prospects, which would be most likely funded with the stock buy-back.

"We believe our shares represent an attractive investment opportunity, and the stock repurchase authorization provides us with the ability to return value to shareholders while preserving our strong balance sheet and flexibility to pursue organic and other growth opportunities,” Board Chairman Brian McAndrews said.

For the previous edition of Turnaround Tuesday, see Troubled Oil Biz Red Mountain Enters Discussions with Lender After Default.