Whole Foods Market employees should keep their options open as the company will be eliminating 1,500 jobs over the course of the next sixty days. That is nearly 1.6% of the company’s employees!
The organic grocery chain explained on Monday that after a rough patch and harsh criticisms, this move is an attempt to lower prices for Whole Foods Market customers.
In the last year the company has added over 9,000 new positions. And WFM has implied that “a significant percentage” of those losing their jobs in the next two months will still gain employment within the company in those new positions.
Walter Robb is the co-CEO of the company and stated:
“We believe this is an important step to evolve Whole Foods Market in a rapidly changing marketplace.”
Of course by the changing market, he is referring to the growing competition for organic grocers. Larger grocery chains are beginning to sell more affordable options for those looking to buy organic.
In May, Whole Foods Market revealed their plans to open a new chain of stores called “365” which will target younger shoppers looking to spend less on their groceries. Currently five locations have been confirmed.
After a stream of unlucky turns for the company, it’s unclear as to whether or not their new direction will be successful. In July of this year, the CEO’s had to account for the pricing discrepancies that were publically exposed. Their stocks have plunged in the last few months and the company has been constantly the butt of jokes and memes on social media.
They currently have 91,000 employees and 431 stores in the USA, Canada and the UK and plan to open 100 more stores in the near future.