Beyond Meat (NASDAQ:BYND) is launching a steak substitute in grocery stores on Monday.
The new product will roll out nationwide at more than 5,000 Kroger (NYSE:KR) and Walmart (NYSE:WMT) stores, as well as Albertsons, Ahold Delhaize, Jewel-Osco, Sprouts and other local grocers.
The announcement concludes a rocky month for the maker of meat alternatives. Beyond ousted Chief Operating Officer Doug Ramsey after he was arrested for allegedly biting another man’s nose.
The company also announced plans to cut 19% of its workforce, or roughly 200 employees, as well as the departure of its chief financial officer and the elimination of the chief growth officer role.
Amid the chaos, Beyond and Yum Brands’ Taco Bell started testing meatless carne asada using its Beyond Steak product at restaurants in Dayton, Ohio.
The Beyond Steak that will be sold in grocery stores comes packaged in bite-sized pieces. It uses faba bean protein as its base and contains 21 grams of protein per serving, according to the company. It also has lower saturated fat content than beef steak and contains no cholesterol. The 10-ounce package will retail for $7.99.
Historically, product launches have boosted Beyond’s sales, driving new and returning customers to try the item. That would be welcome news for the company, which has seen its sales slide and investors lose hope in its long-term growth prospects.
BYND shares began the week up five cents to $12.68.
