Beyond Meat intends to lay off 19 percent workforce, or 200 employees.

The cutbacks are likely to be completed by the end of the year.

The goal is to achieve cash flow-positive operations by the second half of 2023.

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In August, the firm announced a 4 percent reduction in its personnel.

It was not immediately known how many employees were let go. 

On Thursday, October 13, Beyond Meat asked employees to work from home.

Familiar sources said it then limited access to documents.

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Management made individual calls to notify certain staffers that they will be dismissed.

The research and development department saw some cutbacks.

Beyond Meat earlier slashed about 40 jobs in August as part of a larger cost-cutting strategy.

Shares plunged over 10 percent on Friday, bringing the company’s market cap below $900 million.

READ MORE: PLANT-BASED FOOD MAKER BEYOND MEAT WILL LAY OFF FOUR PERCENT OF ITS GLOBAL WORKFORCE

As the trading day began, the stock was already down roughly 78 percent as the plant-based food company struggled with dwindling sales.

The announcement came only weeks after the business reported that its COO, Doug Ramsey, had left the company after being arrested for assault.

The position of chief growth officer has been removed as part of the job reduction, and Deanna Jurgens, who held that position, will depart the firm.

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The company also said CFO Philip Hardin resigned from his position last week.

Lubi Kutua, who was formerly Beyond Meat’s vice president of financial planning and analysis as well as investor relations, took over as CFO.

Beyond Meat did not respond to a request for comment on the changes right away.

JBS SA, the world’s largest meat supplier, said earlier this month that it will close its US plant-based unit Planterra.

Impossible Foods laid off around 6  percent of its 800-person workforce, despite sales growth.

Source: CNBC

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