Whole Foods Market announced that it will be laying off about 1,500 jobs over an eight-week period. This will result in a 1.6 percent decrease in the workforce for Whole Foods Market.
“This is a very difficult decision, and we are committed to treating affected team members in a caring and respectful manner. We have offered them several options including transition pay, a generous severance or the opportunity to apply for other jobs. In addition, we will pay these team members in full over the next eight weeks as they decide which option to choose,” Walter Robb, co-CEO of Whole Foods Market, said.
In a statement, the company said that the layoffs are part of an “ongoing commitment to lower prices for its customers and to invest in technology upgrades while improving its cost structure.”
The company has 2,000 open positions, which workers who are being laid off, can apply to. However, they may take a pay cut and drop in status.
According to the company in the last year it has added 9,000 positions and created over 35,000 in the past five years, but within the last six months, the stock is down more than 40 percent, according to an article by Fortune.
“We believe this is an important step to evolve Whole Foods Market in a rapidly changing marketplace,” Robb said.
For more information, visit http://media.wholefoodsmarket.com/news/whole-foods-market-statement-regarding-reduction-in-positions.