As discussed, in this tough economic time the Federal Trade Commission continues to punish Whole Foods for the “crime” of conducting business. The antitrust laws that form the pretext of the FTC’s abuses are inherently unjust, though even within antitrust dogma the crusade against Whole Foods is insane.
Even though Whole Foods is buying out Wild Oats, the chain still faces stiff competition from King Soopers, Albertsons, Safeway, Sprouts, Sunflower, Vitamin Cottage, and numerous independent and ethnic markets. The FTC is putting the screws on Whole Foods out of sheer vindictiveness, just to prove that it can. The FTC’s thug, who ultimately threaten armed enforcement if their dictates are not obeyed, are destroying economic wealth — hurting both businesses and their consumers — for the sake of destruction.
The AP reports, “Whole Foods Market says it will sell 13 stores to resolve the Federal Trade Commission’s challenge against the grocer over its purchase of Boulder, Colo.-based Wild Oats Markets. … Once it gets approval from the FTC, the company says it will take a non-cash charge of no more than $19 million for the sale of the stores.”
Never mind what the stores might be worth on an open market, never mind that Whole Foods has the right to run them, never mind that whoever buys the stores is unlikely to reduce prices in them, the FTC is forcing Whole Foods to sell stores even at a loss just to get the goon squad off their backs. It is a deal they can’t refuse.