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Bloomberg
Plant-based burger maker Beyond Meat Inc. is conducting further layoffs following a round of cuts made in August, according to people familiar with the matter.
It wasn’t immediately clear how many workers were terminated. Beyond Meat asked employees to work from home and restricted access to documents. Management then set up individual calls to inform some workers that they were losing their jobs. Some cuts came in the research and development department.
The company didn’t respond to inquiries from Bloomberg.
Beyond Meat, which had about 1,100 employees at the end of last year, previously eliminated about 40 positions in August as part of a broader cost-cutting plan. The onetime Wall Street darling faces mounting challenges as rising inflation drives consumers toward less-expensive animal proteins and competition intensifies. Major fast-food partnerships have failed to gain traction, and the company has struggled to ramp up production.