Whole Foods to Record Charges Tied to Job Cuts
September 30 2015 - 9:10PM
Dow Jones News
Whole Foods Market Inc. expects to record fourth-quarter pretax
charges of about $15 million to $22 million in connection with the
job cuts it announced Monday.
The natural-and-organic grocer said in a filing Wednesday that
the amount of the charges will reflect factors including how many
employees find new jobs within the company.
Whole Foods is cutting 1,500 positions, about 1.6% of its
workforce, as it works to lower prices and upgrade technology in
response to falling sales.
The cuts are unusual for Whole Foods, which grew rapidly for
most of its history and prides itself on offering generous pay,
stock options and health-care benefits to employees—including its
hourly, in-store workers. The jobs being eliminated are regional
and store positions, rather than at its Austin, Texas,
headquarters, the company said.
Whole Foods has faced intensified competition over the past
several years from niche rivals like Sprouts Farmers Market Inc.
and from traditional supermarket operators like Kroger Co. stocking
more natural foods.
Whole Foods shares were unchanged after hours.
Write to Josh Beckerman at josh.beckerman@wsj.com
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(END) Dow Jones Newswires
September 30, 2015 20:55 ET (00:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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