Impossible Foods is planning its third round of layoffs in about a year.
Bloomberg reported on Monday that the plant-based meat company plans to lay off 20% of its workforce, citing an unnamed source. Impossible employed approximately 700 people prior to the layoffs.
According to Bloomberg, Impossible also attempted to reduce its headcount at the end of 2022 by offering voluntary buyouts.
An Impossible Foods spokeswoman did not immediately respond to Insider’s request for comment.
The company laid off 6% of its workforce just three months ago. In a message to employees at the time, CEO Peter McGuinness stated that the layoffs were part of a reorganization designed to position the company to “continue to hyper grow.”
Impossible laid off a smaller group of “fewer than 15” employees in January 2022, Bloomberg reported at the time.
Layoffs have been part of a reorganization at Impossible over the last year. Several executives have left the company, and Impossible founder and former CEO Pat Brown is on leave until the spring. Brown left his position as CEO in April.
McGuinness, his replacement, is attempting to instill the brand with more marketing savvy.
Plant-based meat sales growth has slowed in recent months, prompting analysts to question the category’s future. Impossible published a full-page ad in the New York Times earlier this month in response to a Bloomberg Businessweek article that claimed plant-based meat is “just another fad.”