Impossible Foods Inc., the maker of meatless burgers and sausages, is preparing to cut about 20% of its staff, according to a person familiar with the matter.
It’s the latest evidence of pressure facing plant-based protein makers as inflation pushes consumers toward less-expensive animal proteins and competition increases.
The Redwood City, Calif., company currently employs about 700 workers. The new round of dismissals could reduce that amount by more than 100.
Impossible Foods also offered voluntary separation payments and benefits to employees at the end of 2022, said the person, who asked not to be named discussing private information.
An internal document viewed by Bloomberg confirmed the separation packages being offered.
The company previously reduced its head count in October, cutting about 6% of its workforce at the time.