Deals
Whole Foods Shareholder Said Planning Push for Changes, Sale
- Shareholder, among 10 largest, said to approach activist funds
- Stock suffering as organic pitch undercut by Kroger, Wal-Mart
Whole Foods Shareholder Said to Plan Push for Change
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One of Whole Foods Market Inc.’s largest shareholders has met with potential activist investors to discuss making sweeping changes to the upscale grocery chain, including replacing management and exploring a sale of the company, people with knowledge of the matter said.
The shareholder, among the company’s 10 biggest, raised its concerns in recent meetings with activist investment funds after losing patience with the company’s direction, said the people, who asked not to be identified because the process is private. The investor cited Whole Foods’ poor inventory and vendor management, high costs and failure to make the most of its unique appeal to millennial shoppers among the key issues.