Plant-based meat maker Impossible Foods is poised to cut about 20% of its workforce, according to a new report coming from Bloomberg.

The Bay area-based food company had offered voluntary-separation payments late last year to its employees prior to initiating layoffs, Bloomberg noted. Given Impossible Foods has roughly 700 workers, the proposed cutbacks would affect about 140 employees.

The company recently touted how strongly it had performed in 2022, claiming it had experienced 50% sales growth, and even hiring a new chief demand officer in preparation for even more growth in 2023. However amid rising inflation, analysts have predicted many consumers would trade down to save money, purchasing the less expensive real meat, and negatively affecting sales.

The timeline for the proposed layoffs is still unclear. One outlet reporting on the layoffs, SFGate said that after contacting the Employment Development Department they were told it had not received a Worker Adjustment and Retraining Notification from Impossible Foods, as would be expected prior to initiating layoffs.

Impossible Foods last cut 6% of its workforce in October, according to Bloomberg, which quoted a company memo in which company CEO Peter McGuinness said, “We’ve made the very difficult decision to eliminate certain roles that have become redundant to others in the organization or that are no longer aligned with our core business priorities.”

Impossible Foods is just the latest company forced to employ layoffs to cut costs heading into a difficult economic environment. Workday, Paypal, Rivian, Google, Facebook, SalesForce, and others have all been paring back staff to cut costs and maintain profitability.

Impossible Foods declined comment on the pending layoffs.