Whole Foods to Cut 1,500 Jobs
September 28 2015 - 9:10AM
Dow Jones News
Whole Foods Market Inc. said Monday that it will cut 1,500 jobs,
representing 1.6% of its workforce, over the next two months as the
natural-foods grocer works to lower its prices.
Whole Foods said it expects a "significant percentage" of
workers impacted by the cuts to find other jobs within the
company.
Whole Foods has been struggling with slowing sales growth. In
July, the company reported another disappointing quarter after
allegations that it overcharged customers in New York.
The company has struggled to keep customers amid tough
competition from smaller imitators and big mainstream retailers
such as Target Corp. that are stocking local and organic items.
In the past two years, Whole Foods has been lowering its prices
to compete in the tougher era, after having the
natural-and-organic-food market cornered for decades. It expected
sales to take a hit initially, but believed it would attract more
shoppers, eventually accelerating its growth.
Shares of Whole Foods ticked down 0.5% to $30.96 a share in
premarket trading.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 28, 2015 08:55 ET (12:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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