People familiar with the matter say that Beyond Meat is laying off more workers.
It wasn't clear how many people were fired. Some people who were not authorized to speak for the company said that employees were told to work from home on Thursday. Some workers were told by management that they were being laid off. The research and development department was cut.
The company didn't reply to questions from the news agency.
In August, Beyond Meat eliminated about 40 positions as part of a larger cost-cutting plan. The onetime Wall Street darling faces mounting challenges as rising inflation drives consumers towards less expensive animal products. The company has struggled to ramp up production due to the failure of major fast-food partnerships.
The chief operating officer was suspended after being arrested. The supply-chain executive that was hired at the same time has left.
The plant-based meat category is cooling off. Retail sales of meat alternatives fell in the last year. The company's plant based patties dropped 27% in the period. Sales of its faux meatballs increased by 22%.
The world's largest meat supplier said earlier this month that it would stop operations at its US plant. The company has said that it's sales are growing.
All Rights Reserved © 2024
