By: Economic & Finance Report
Jeff Bezos and Amazon (AMZN) are on a buying up everything and anything run. Amazon (AMZN) will be purchasing the healthy food store chain Wholefoods Inc (WFM), which practically is a nationwide conglomerate in its own right.
The sale now puts Amazon (AMZN) as owners of hundreds of Whole Foods (WFM) stores and subsidiaries around the country, and spearheading them with a potential rivalry with heavyweight retail chain Walmart Stores Inc (WMT). The current CEO of Whole Foods Market Inc ( John Mackey), will remain as Whole Foods (WMT) CEO, after the Amazon (AMZN) buyout. The sale of Whole Foods (WMT) increased the company’s market share by 21% on the NASDAQ boards, on Friday June 16, 2017.
Whole Foods Market Inc (WMT) has been suffering as of late and the buyout to Amazon (AMZN) seemed a natural fit for CEO Mackey, who was fighting internal control of the company from activist investors. -SB