Whole Foods is cutting 1500 jobs

28 Sep 2015 | Author: | No comments yet »

Whole Foods Market Rating Reiterated by Deutsche Bank (WFM).

In a statement, the upscale grocery store chain described the layoffs as being “part of its ongoing commitment to lower prices for its customers and invest in technology upgrades while improving its cost structure.” Many of the cuts will likely take place through “natural attrition,” the company said, adding that some of those laid off workers could eventually find new jobs within the company, which has 2,000 open positions and more than 100 new stores in some stage of development. “This is a very difficult decision, and we are committed to treating affected Team Members in a caring and respectful manner,” Whole Foods WFM -0.61% co-CEO Walter Robb said in a statement. “We have offered them several options including transition pay, a generous severance, or the opportunity to apply for other jobs. Deutsche Bank reaffirmed their hold rating on shares of Whole Foods Market (NASDAQ:WFM) in a report released on Tuesday morning, Analyst Ratings.Net reports.

Whole Foods is working to keep expenses low so it can offer its organic and natural products at lower prices and beat back an onslaught from mainstream grocers that now carry similar offerings. In July, the company posted third-quarter earnings and comparable store sales that fell below Wall Street’s expectations while its fourth-quarter earnings forecast was also lower than expected.

Whole Foods continues to see more competition from specialty grocers including Sprouts Farmers Market and Trader Joe’s and traditional supermarkets such as Kroger stocking expanded selections of organic groceries. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The offices of the Firm are supported by its headquarters, regional offices, distribution centers, bakehouse facilities, commissary kitchens, seafood-processing facilities, meat and produce procurement centres, and a specialty coffee and tea procurement and roasting operation. The Firm’s product selection includes grocery, meat, seafood, bakery, prepared foods and catering, coffee, tea, beer, wine, cheese, nutritional supplements, vitamins, body care, and lifestyle products including books, pet products, and household products.

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