Whole Foods Market Inc. (WFM) plans to cut 1,500 jobs over the next eight weeks. In a Monday filing with the U.S. Securities and Exchange Commission, the green-friendly grocer said the move is "part of its ongoing commitment to lower prices for its customers and invest in technology upgrades while improving its cost structure."
The cuts, which cover 1.6 percent of the company's workforce, come at a rough time for the Texas-based retailer. Earlier this year, Whole Foods was accused of routinely overcharging customers. Since then, sales have failed to meet expectations. In the last year, the company's stock has slipped by more than 35 percent.