Plant-based food company Beyond Meat (BYND) reduced its earnings forecast for the year and said it is cutting nearly a fifth of its workforce Friday.
The company said it is exploring ways to shift to a more sustainable business model focused on building a steady cash flow.

"While we believe the current headwinds facing our business and category—including record inflation—are transient, our mission, brand, and long-term opportunity endure," chief executive Ethan Brown said in a statement. "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."

As part of the restructuring, the company announced layoffs for 200 employees, about 19% of its staff. The company said its expects that process to cost about $4 million.

The company also revealed in a security filing Friday that it had fired chief operating officer Douglas Ramsey. Ramsey allegedly attacked a man last month after an Arkansas college football game and bit his finger.
The El Segundo, California-based company said it has been hit by reduced demand, increased competition and rising prices. Beyond Meat said it expects revenues of $82 million in the third quarter, representing a 23% decrease from last year. The company's third quarter results conference call is set for Nov. 9.
Shares of Beyond Meat were down $0.96, or 6.50%, to $13.82 as of 12:30 p.m. ET.