Impossible Foods reportedly cutting 20% of workforce
The plant-based meat substitute company already cut 6% of its staff in October
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Impossible Foods is implementing another round of layoffs as the popularity for alterative meat slips, according to a recent report.
The California-based company is cutting approximately 20% of its 700 employee workforce, Bloomberg reported, citing sources familiar with the matter.
However, voluntary separation payments and benefits were also offered to employees at the end of the 2022, according to the person.
Representatives for Impossible Foods did not immediately respond to FOX Business' request for comment.
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A sandwich made with plant-based pork product is served at the Impossible Foods Inc. booth during CES 2020 in Las Vegas, Nevada, U.S., on Tuesday, Jan. 7, 2020. (Bridget Bennett/Bloomberg via Getty Images / Getty Images)
The move comes just a few months after the CEO Peter McGuinness laid off 6% of its workforce in October in order to help the company continue growing, according to multiple reports.
"[W]e still need to prioritize the projects and initiatives that will best fuel our business and mission as we prepare for our next phase of growth," McGuinness said in a memo to employees at the time, according to Food Drive.
Impossible Foods is the latest in a growing list of companies – from media to Wall Street to the crypto world — who have been forced to slash their workforce in order to contend with the uncertain economic environment.
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Packages of beef are displayed for sale alongside Impossible Burger plant based meat during the Impossible Foods Inc. grocery store product launch in Los Angeles, Calif., Sept. 20, 2019. (Patrick T. Fallon/Bloomberg via Getty Images / Getty Images)
The company launched its first product, the Impossible Burger, in 2016. Since then, the company's plant-based products have been found in the aisles of major supermarket chains such as Walmart, Target and Wegmans as well as at fast food chains such as Burger King.
However, in recent months, plant-based meats have shown that they are no longer all the rage they were just a few years ago, according to Deloitte Consulting LLP.
Deloitte believes the industry is suffering from a perception problem. The company surveyed 2,000 consumers in July and found a decline in the belief that plant-based meat is healthier and more environmentally sustainable than meat from animals.
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In October, Beyond Meat announced it was slashing 200 jobs, about 19% of its global workforce, due to record inflation as well as increased competition and lower demand.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BYND | BEYOND MEAT INC. | 5.01 | -0.14 | -2.72% |
FOX Business' Pilar Arias and the Associated Press contributed to this report.