Redwood City, California-based Impossible Foods, a developer of plant-based substitutes for meat products, has announced a third round of cuts leading to another 20% of the company's headcount. This follows the previous 6% reduction in October 2022.
The reduction will impact approximately 140 employees.
The company is repeating its last message, “We’ve made the very difficult decision to eliminate certain roles that have become redundant to others in the organization or that are no longer aligned with our core business priorities.”
The company appears to be responding to a market research report that observed a recent slump in meat substitute sales, which declined 15% by volume and 14% monetarily for the year ending January 1, 2023.
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