MAY 16, 2023 — MAJOR TROUBLE AHEAD
Financial problems and a contamination issue send shares plummeting forcing the company to engage Goldman Sachs to sell up to $200 million worth of its shares, or equivalent to about 30% of its market cap after a major stock price decline.
Leaked internal documents revealed the company's Pennsylvania processing plant was contaminated with mold, deadly bacteria, and other toxic substances. The documents noted that documents detail how wood, plastic, metal, string, and other substances found their way into products.
“Photos taken by a former employee from inside the plant in January and April show what appear to be spills, unsafe use of equipment, and mold on walls and ingredient containers, while spreadsheets, photos, and internally prepared reports reveal that foreign materials such as string, metal, wood, and plastic have been found in food from the plant at least as recently as last December.”
OCTOBER 20, 2022 — Original post…
El Segundo, California-based Beyond Meat, a producer of plant-based meat substitutes, has announced a major reduction in force as part of a cost containment initiative.
The reduction in force will impact 200 employees or approximately 19% of the Company's total global workforce.
President and CEO Ethan Brown noted, “Beyond Meat is implementing measures to drive more sustainable growth, emphasizing the achievement of cash flow positive operations within the second half of 2023. While we believe the current headwinds facing our business and category—including record inflation—are transient, our mission, brand, and long-term opportunity endure. To manage through the current environment and realize the opportunity ahead, we are significantly reducing expenses and sharpening our focus on a set of key growth priorities.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?