Impossible Foods, which makes plant-based nuggets, burgers, and patties, is reportedly laying off 20% of its staff, According to the story, the 12-year-old company currently employs about 700 workers, which could then affect over 100 employees. This comes as the company made a 6% reduction in its workforce last October.
While we know layoffs can happen anytime, it seems like the company was doing well. Earlier this month, the Redwood City, California–based company reported a year of record sales that included over 50% dollar sales growth in 2022. The company also touted that its Impossible Beef product was “the best-selling product by volume of any plant-based meat brand in the U.S.”
Months before that, CEO Peter McGuinness said in an interview with Bloomberg Technology that the company had a strong balance sheet, good cash flow and growth of between 65% and 70%.