Whole Foods to cut about 1500 jobs over next 8 weeks

28 Sep 2015 | Author: | No comments yet »

Grocery chain Whole Foods to cut about 1,500 jobs over the next 8 weeks.

NEW YORK, N.Y. – Grocery chain Whole Foods is cutting about 1,500 jobs over the next eight weeks as it looks to lower prices and keep up with competition. 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. It anticipates workers whose jobs are cut will find other jobs from the almost 2,000 open positions across the company or from new jobs that’ll be created by more than 100 new stores in development. New York City’s Department of Consumer Affairs said that Whole Foods stores were overstating the weight of some pre-packaged products, like chicken tenders and a vegetable platter. 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 has said that it is taking steps to prevent overcharging, including training for workers and a pledge to give away products if customers discover they were overcharged. The first location is set to open next year in Los Angeles, and leases have been signed for additional locations in Bellevue, Washington; Houston; Portland, Oregon; and Santa Monica, California.

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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