Whole Foods to Cut 1,500 Jobs

Whole Foods Market Inc. said Monday that it will cut 1,500 jobs, representing 1.6% of its workforce, over the next two months as the natural-foods grocer works to lower its prices.

Whole Foods said it expects a "significant percentage" of workers impacted by the cuts to find other jobs within the company.

Whole Foods has been struggling with slowing sales growth. In July, the company reported another disappointing quarter after allegations that it overcharged customers in New York.

The company has struggled to keep customers amid tough competition from smaller imitators and big mainstream retailers such as Target Corp. that are stocking local and organic items.

In the past two years, Whole Foods has been lowering its prices to compete in the tougher era, after having the natural-and-organic-food market cornered for decades. It expected sales to take a hit initially, but believed it would attract more shoppers, eventually accelerating its growth.

Shares of Whole Foods ticked down 0.5% to $30.96 a share in premarket trading.

Write to Chelsey Dulaney at [e-mail]

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September 28, 2015 08:55 ET (12:55 GMT)

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