Amazon is paying $13.7 billion for Whole Foods. With 400 locations, that's about $29 million per store. They could have gotten more locations for less money by buying a different retailer. So why overspend on Whole Foods?
Yesterday, Whole Foods Market Inc. announced that the firm is replacing five of its board members, likely in response to pressure from it’s second largest shareholder, Jana Partners LLC. Whole Foods stock has been underperforming, having lost roughly half its value since it’s 2013 peak of $65 per share. It’s enough to make one wonder if maybe this whole corporate social responsibility thing isn’t all it’s cracked up to be.