Beyond Meat Inc’s (NASDAQ: BYND) rival Impossible Foods Inc on Monday said it dismissed a few of its employees in January as part of organisational changes to optimise operations.
Less than 15 employees were terminated
Impossible Foods has about 800 employees worldwide, out of which, less than 15 were let go. In an email to Bloomberg News, a company spokesperson said:
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Earlier this month, we made some organisational changes on several teams to ensure the functions supporting our business are best aligned with our strategy. This included downsizing some teams, and as a result, a small number of employees were impacted.
The news comes roughly two months after Impossible Foods raised $500 million in new capital to hit a valuation of $7.0 billion. The raised funds, it said at the time, will go to international expansion and retail growth.
Rival Beyond Meat hits a 52-week low
The California-based company has been committed to expanding its footprint in retail since 2019. While its grocery distribution ramped up significantly amidst the pandemic, Impossible Foods’ presence at the restaurants is still twice as big as its presence at the retail stores.
In related news, rival Beyond Meat hit a 52-week low of $55 a share on Monday. The stock, however, recovered back to $62 a share, likely on news of Beyond’s partnership with the tennis star Nick Kyrgios.
At its peak in January 2021, Beyond Meat traded at $196 a share. The sharp sell-off has shrunk its market cap to $3.96 billion.
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