Whole Foods to launch lower-priced grocery chain

Whole Foods Market is planning to launch a new chain of lower-priced stores for people who can’t otherwise afford to buy its premium and organic food.

The Austin, Texas-based company has started negotiating leases to build a chain, though a name hasn't been disclosed, according to Time.

“We believe the growth potential for this new and complementary brand to be as great as it is for our highly successful Whole Foods Market brand," Whole Foods co-CEO Walter Robb said in a statement.

Read more from Time.