Impossible Foods Inc., the maker of meatless burgers and sausages, reduced its workforce by 132 employees, according to a notice filed with the California Employment Development Department on Feb. 10.
(Bloomberg) — Impossible Foods Inc., the maker of meatless burgers and sausages, reduced its workforce by 132 employees, according to a notice filed with the California Employment Development Department on Feb. 10.
The Redwood City, California-based company had employed about 700 workers prior to the layoffs. The cuts were heavy among scientists, with more than 20 science-related roles eliminated, and researchers, with more than a dozen jobs affected. Director-level positions, including those for information technology, sourcing and product quality, were also eliminated.
Plans for the dismissals, conducted earlier this month, were previously reported by Bloomberg. The company had offered voluntary separation payments and benefits to employees at the end of 2022 and reduced its headcount in October, cutting about 6% of its workforce at the time.
“We took steps last week to position our business for sustainable, balanced growth over the long term by bringing our costs more in line with our revenue, which includes reducing our workforce,” Impossible Foods said in an email. “We remain very confident in the strength of our business and our future growth, and we’re grateful to all of the talented, dedicated employees who have contributed to our mission.”
Sales of plant-based foods are slumping in both supermarkets and restaurants. Supermarket sales of refrigerated meat alternatives fell 15% by volume for the 52 weeks ended Jan. 1, according to market-research firm IRI, while they declined 14% in dollar terms. Orders of plant-based burgers at restaurants and other food-service outlets for the 12 months ended in November were down 9% from three years earlier, according to market researcher NPD Group.
Impossible Foods sells products at major restaurant chains, including White Castle and Burger King, which offers the Impossible Whopper. Its crumbles, sausages and meatballs, among other products, are sold in retailers across the US, including Walmart Inc., Target Corp. and supermarkets operated by Albertsons Cos. and Kroger Co.
The closely held company, which launched its first product in 2016, recently said its sales at US retail stores rose more than 50% in 2022 in dollar terms, and that overall sales hit a record high. In a September interview, Chief Executive Officer Peter McGuinness said Impossible Foods has a strong balance sheet and good cash position.
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