Impossible Foods is laying off 20% of its employees in the third round of cuts at the company in roughly a year

• Impossible Foods is laying off 20% of its workforce, Bloomberg reported Monday.
• The plant-based meat maker has also been offering buyouts to employees since late 2022.
• It's the third time in a year that Impossible has made cuts as plant-based meat sales slow down.

Impossible Foods is gearing up for its third round of layoffs in roughly a year.

The plant-based meat brand plans to eliminate 20% of its employees, Bloomberg reported on Monday, citing an unnamed source. Going into the layoffs, Impossible employed about 700 people.

Impossible also tried to reduce its headcount at the end of 2022 by offering voluntary buyouts, Bloomberg reported.