According to a report in Bloomberg, a new round of layoffs is imminent at alternative protein burger and sausage processor Impossible Foods, that could reduce the headcount by as much as 20%. This following a 6% reduction in October 2022 and reported buyout offers for employees at the end of 2022.
Impossible Foods reported a strong balance sheet and good cash position to Bloomberg in September 2022, but the headwinds blowing against the alternative protein category have been strong overall. Beyond Meat and Oatly, for example, reported large third quarter losses in 2022, as consumer interest in alternative proteins appears to have tapered off.
