Grocery chain Whole Foods (NASDAQ:WFM) is to cut its workforce by around 1,500 over the next two months.
The staff being let go represent around 1.6% of Whole Foods' current workforce but the company said it expected a sizeable number of those being made redundant would successfully apply to work elsewhere within the organization.
The organic groceries seller added more than 9,000 jobs last year but has decided to retrench to free up money to enable it to lower prices.
"We believe this is an important step to evolve Whole Foods Market in a rapidly changing marketplace," said Walter Robb, who is joint chief executive officer of Whole Foods.
Shares in Whole Foods were down 0.4% at US$30.98 in a market that was down 2.7%. The shares have lost more than a third of their value, year-to-date.