Beyond Meat plans to lay off about 200 employees, or 19% of its workforce, according to a regulatory filing disclosed Friday.
The company cited declining sales and said the layoffs are “based on cost-reduction initiatives intended to reduce operating expenses…and target cash flow positive operations within the second half of 2023.”
Beyond Meat expects the cuts to be completed by the end of the year.
Company shares, which opened Friday on the Nasdaq already 87% down from its 52-week high, fell even further in mid-morning trading following the layoff news. The stock hit a 52-week low of $12.76 earlier in the week, last trading around $13.95, which puts the company’s market value below $900 million.
As part of the job cuts, the company said the role of chief growth officer/North America president was eliminated. Deanna Jurgens, who held that role, will leave the company on October 17.
In addition, chief financial officer Philip Hardin notified the company …
