Once Amazon.com (AMZN) 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) , 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) 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.
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All eyes on Apple this week: Apple's (AAPL) 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.