Report: Activist investor urges Whole Foods to consider a sale

After the Wall Street Journal reported Wednesday that an activist investor amassed a large stake in Whole Foods Market and wanted the organic retailer to spur its turnaround and even explore a possible sale, Bloomberg later reported that Amazon considered a takeover of Whole Foods last fall but backed off.

According to the Wall Street Journal report, Jana Partners LLC has built up an 8.8 percent stake in Austin, Texas-based Whole Foods and wants it to improve its technology and operations to better compete with larger rivals.

Bloomberg also reported that “Jana has called for Whole Foods to overhaul its operations and brought in retail and food experts to help foster a turnaround. It also urged the company to consider a sale.” Potential bidders could include the Kroger Co. and Albertsons, according to the report. Amazon could also be back in the picture.

According to Barclays, Whole Foods has lost between nine to 14 million customers over the last six quarters.