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SEATTLE, Wash. (AP/ABC) – Seattle-based Amazon is buying Whole Foods in a deal valued at nearly $14 billion.
Greg Wank Leader at Anchin Food and Beverage says the deal shows Amazon’s interest in moving into operating brick-and-mortar stores.
“This is something that gives them an immediate footprint of around 400 stores in the United States.”
Whole Foods recently opened a store on Lakeway Drive in Bellingham.
The deal comes a month after Whole Foods announced a board shake-up and cost-cutting plan amid falling sales.
Yahoo Finance Market Correspondent Nicole Sinclair tells us why Whole Foods has fallen behind some of the competition:
“Sales being down at Whole Foods is based on a number of factors. One is just the secular shift in consumers getting more online.”
The grocery store operator also faced pressure to sale from an activist investor.
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