Whole Foods Market is cutting about 1,500 jobs over the next eight weeks in an effort to lower prices and upgrade technology in their stores. The number of jobs that will be cut is about 1.6 percent of Whole Foods’ workforce.
The employees affected by this layoff may be able to find jobs at other parts of their stores or at some of the new openings, such as Whole Foods’ upcoming new, cheaper concept stores (think Trader Joe's) they announced earlier this year.
“This is a very difficult decision, and we are committed to treating affected Team Members in a caring and respectful manner,” Walter Robb, co-CEO of Whole Foods, said in a statement. “We believe this is an important step to evolve Whole Foods Market in a rapidly change marketplace.”
In July, Whole Foods reported that they did not meet their third-quarter expectations and shares plunged 12 percent. This decline came a month after the New York City Department of Consumer Affairs found that Whole Foods was overcharging New York City customers, and the grocery chain sold strange asparagus water for six dollars.