Imperium Renewables has cut its workforce, only weeks after pulling plans for its public offering and replacing its CEO, the Seattle Post-Intelligencer reports.
The Seattle-based biodiesel producer told the newspaper that the workforce reductions were done to "address short-term challenges and ensure the company's long-term growth."
It said that the changes will not affect the operation of its Grays Harbor, Wash., biodiesel plant which will produce 100 million gallons of biodiesel a year.
The news follows the company's announcement that it hasciting market conditions and the in late December.
Company founder John Plaza is now interim CEO and investor Nancy Floyd is chairman.
Update: A spokesperson from Imperium Renewables issues the following statement, which is all the company is saying at this point:
"Imperium Renewables has reduced its corporate workforce. The move is part of an ongoing restructuring plan that realigns the company to address short term challenges and ensure the company's long term growth. These changes do not impact production of biodiesel at Imperium Grays Harbor."