California-based producer of plant-based meats, Impossible Foods, laid off ~6% of its 800-person workforce in a restructuring under new CEO Peter McGuiness as the company tries to position itself for faster growth.

The laid off employees will receive a severance package of at least 12 weeks salary plus an additional week for each year of tenure at the company along with a one-year extension for exercising stock options.

According to CEO McGuiness, the company is focused on its R&D innovation pipeline and plans to hire strategically to expand capabilities, especially through building the sales team as it grows distribution.

Analyst QuickTake: The plant-based meat industry has struggled with sluggish demand leading companies to take drastic measures to restructure and preserve cash. Beyond Meat cut down 40 Jobs , while Canada’s Maple Leaf Foods reduced its plant-based division by 25% . Most recently, JBS entirely shutdown its plant-based food operations in the US to focus on other markets.