NEW YORK — Pet health and wellness company Better Choice Company, Inc., announced March 2 the “streamlining” of its operations, significantly reducing its workforce by 25%. According to the company, this reduction is expected to save Better Choice about $2.2 million annually.
The company also eliminated the role of chief operating officer.
“This reduction, combined with the elimination of the COO role, will lower the cost structure of the business substantially in 2023, while also providing cost benefits in future years,” said Lionel Conacher, interim chief executive officer. “Though the long-term opportunity for Better Choice remains strong, there is clearly some weakness in the current market. While we regret the impact of this decision on our employees, we believe the reduction in force is prudent.”
Conacher became interim CEO after former CEO Scott Lerner stepped down from the company in September 2022.
This streamlining of operations follows Better Choice’s third quarter financials, shared Nov. 2022. Though the company experienced an increase in net sales and gross profit during the first nine months of 2022 compared to the prior year, third quarter net sales fell 9.8% year-over-year.
The company plans to provide more details on its workforce reduction and financial performance during its fourth quarter and full year 2022 earnings presentation on March 28.
On March 6, Better Choice announced a retail partnership with Pet Supermarket. Beginning this month, Pet Supermarket will carry the company’s Halo brand of super-premium pet food products, including its popular Halo Elevate line.
Pet Supermarket offers pet food and supplies throughout the Southeastern United States, operating more than 75 locations.
“At Halo, we are committed to providing pets with the best possible nutrition, and we are excited to partner with Pet Supermarket to make our products more widely available,” Conacher said. “We believe that by working together, we can make a meaningful impact on the lives of pets and their owners.”
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