United-States-based food company Impossible Foods has announced another round of layoffs.
A pioneer in the plant-based meat space, it will eliminate 6 percent of its staff, amounting to approximately 50 employees, as it seeks to eliminate redundancies and positions "that are no longer aligned with our core business priorities," CEO Peter McGuinness wrote to employees in a memo.
Headquartered in Redwood City, California, this is the food tech company’s second round of layoffs this year after 15 people exited in January.
Pat Brown founded Impossible Foods in 2011, but the former CEO stepped down from his position in April and announced plans to head up a new research arm of the company last month. Financial experts speculated the company might go public this year, but any possible plans appear to have been halted given the economic downturn.