{"id":38790,"date":"2022-10-19T19:02:02","date_gmt":"2022-10-19T23:02:02","guid":{"rendered":"http:\/\/angry.net\/blog2\/?p=38790"},"modified":"2022-10-21T05:16:10","modified_gmt":"2022-10-21T09:16:10","slug":"due-to-declining-sales-beyond-meat-is-doing-layoffs","status":"publish","type":"post","link":"https:\/\/angry.net\/blog2\/?p=38790","title":{"rendered":"Due to declining sales, Beyond Meat is doing layoffs"},"content":{"rendered":"

Good day all. With the economy heading south thanks to the incompetence and stupidity of the Biden maladministration, companies are cutting back on hiring and are also starting to do layoffs. Many of these companies serve niche markets. One of them is Beyond Meat.<\/p>\n

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Beyond Meat is a plant based substitute for..well meat. While I\u2019ve never had it, those that have say it tastes like real meat. I\u2019m of the opinion, why buy fake meat when you can barbecue the real thing? Apparently, other people are making the same decision since sales are down. Now Beyond Meat is forced to lay off some of it\u2019s employees. Here are the details from the Daily Fetched<\/b><\/a>:<\/p>\n

Plant-based meat company Beyond Meat has been forced to lay off about 200 employees, or 19% of its workforce, due to declining sales and stock market losses, according to a regulatory filing disclosed<\/a> Friday.<\/strong><\/p>\n

As Tech Crunch reported<\/a>: <\/b><\/p>\n

The company cited declining sales and said the layoffs are \u201cbased on cost-reduction initiatives intended to reduce operating expenses\u2026and target cash flow positive operations within the second half of 2023.\u201d <\/b><\/p>\n

Beyond Meat expects the cuts to be completed by the end of the year. <\/b><\/p>\n

Ahh yes, the traditional \u201cMerry Christmas! You\u2019re fired!\u201d messages from company management.<\/p>\n

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, the last trading around $13.95, which puts the company\u2019s market value below $900 million. <\/b><\/p>\n

I just looked up the stock price and the history. It\u2019s gone from a high of $222.86 dollars per share back in July of 2019 to its current price of about $13.56 dollars per share. That is a company heading for Chapter 11 reorganization before to long, if they can\u2019t turn things around.<\/p>\n

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. <\/b><\/p>\n