Once Amazon.com (AMZN - Get Report) completes its $13.7 billion acquisition of grocery chain Whole Foods Market (WFM) , the ecommerce giant is said to be planning to cut jobs and reduce prices in order to make Whole Foods competitive with Walmart (WMT - Get Report) , Bloomberg reports, citing sources.
It is unclear how many positions will be cut, should Amazon decide to do so. Whole Foods employees about 90,000 workers.
However, a spokesperson for Amazon told Bloomberg that no jobs cuts are in the works.
Whole Foods has a reputation for premium fresh products but is infamous for its high prices. After the deal between Amazon and Whole Foods was announced Twitter (TWTR - Get Report) erupted with jokes and snarky comments about the price of the transaction.
"Don't let Amazon buying Whole Foods distract you from the fact that you can get a master's degree for the price of one tub of cashews there," Charlotte Wilder, a staff writer for SB Nation, tweeted.
"I too spend $13 billion on Whole Foods, you're not special Jeff Bezos," Vanity Fair's Maya Kosoff tweeted.
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL - Get Report) stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.
After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.
"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."
Meanwhile, Whole Foods shares are trading above Amazon's offer price as to suggest a bidding war may ensue.