Whole Foods Shakes Up Board As Sales Figure Keeps Falling
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NEW YORK (AP) - Whole Foods is announcing a board shake-up and cost-cutting plans as it fights to hold onto shoppers amid intensifying competition.
The moves come after activist investor Jana Partners disclosed a stake in Whole Foods last month, and outlined an array of issues it wanted to discuss with the company.
On Wednesday, the Austin, Texas-based company also said sales fell 2.8 percent at established locations for the three months ended April 9, marking the seventh straight quarter the figure has declined.
Whole Foods Market has blamed its struggles on intensifying competition and shoppers increasingly turning to "good enough alternatives."
The company says it named five new independent directors to its board, as well as a new board chair and new chief financial officer.
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