Alt-meat maker Beyond Meat gave up part of its headquarters this month, according to documents filed with the US Securities and Exchange Commission.
The company amended its lease on the commercial property in El Segundo, Calif., paying a termination fee of $1 million to surrender 61,566 square feet of the building back to the landlord, while keeping 220,519 square feet at the property.
Additionally, Beyond Meat will transfer the title of ownership for $200,000 worth of items, including a generator and other electrical equipment, and must complete modifications to the property, like rerouting electrical wiring, at an expected cost of $600,000.
The lease change quickly followed the company’s disappointing first-quarter financial results and amid reports that the company is struggling to pay bills on time.