Whole Foods To Cut 1,500 Jobs

Whole Foods Market Inc. disclosed on Monday it will cut about 1,500 jobs as part of its plan to reduce costs. That represents about 1.6% of of the natural-foods grocers total employees. The company said in a regulatory filing that some of the job cuts will come through natural attrition, while others will be offered transition pay, severance or the opportunity to apply for other jobs. Whole Foods says it has nearly 2,000 open positions and has 100 new stores in development. "We believe this is an important step to evolve Whole Foods Market in a rapidly changing marketplace," said Co-Chief Executive Walter Robb. The company has struggled recently with its reputation of a high-priced grocer, and following accusations of overcharging customers in New York City. The stock, which was still inactive in premarket trade, has slumped 23% over the past three months, while the S&P 500 has lost 8.1%.