Whole Foods was caught gouging customers with inflated prices and was forced to reduce prices on many products. How? By firing employees. Reuters:
Whole Foods is firing roughly 1,500 employees over the next two months… The job cuts come as Whole Foods faces increased scrutiny for its “whole paycheck” image following an investigation that revealed several stores were overcharging customers for food. The company’s shares have fallen more than 35% this year.
The company’s co-CEOs issued this message to employees:
So, why are we making these changes now? Over the last few years we’ve discussed ways to make Whole Foods Market an even stronger company in a rapidly changing marketplace. We agreed that we must invest in lowering our prices, marketing our value and standards, and upgrading our technology in order to better serve our customers.
Co-CEO’s? Seems like Whole Foods problems start at the top. I wonder how much money the company could save (and how many employees it could keep instead of firing) if it had only a single CEO; you know, like most companies.