The plant-based meat-maker is facing an array of hurdles: rising prices are pushing customers to look for cheaper alternatives, while higher costs are eating away at profits.
Global packaged food makers such as Tyson Foods and Kellogg have raised prices to offset higher costs tied to ingredients, labor and transportation. But analysts told Reuters that Beyond Meat does not have the room for that as it is still trying to win customers to its plant-based protein.
The job cuts will include some in the executive suite: Beyond Meat said it would eliminate the North America president post.
That comes after it parted ways with its former chief operating officer, Doug Ramsey, who was suspended in September after media reports about him biting a man's nose during an altercation in a parking garage in Arkansas.
The announced layoffs are expected to save Beyond Meat about $39 million over the next 12 months.
