Whole Foods Market was hit hard in after-hours trading on Wednesday after reporting a lackluster third quarter. Jim Cramer was left wondering how this company plans to fend off the competition and turn things around.

"It is worth remembering that this stock has been in the doghouse for ages — it was down nearly 39 percent going into today's close, but it seems the pain is not over," the "Mad Money" host said.

The company delivered per share earnings of 30 cents for third quarter, excluding a couple of one-time items, when Wall Street was looking for more than 34-cents. It also had weaker-than-expected revenues and negative same-store sales growth. Additionally, management's guidance for 2016 was below what analysts were expecting.

To find out more about the initiatives that Whole Foods has in store to turn things around, Cramer spoke with co-CEO Walter Robb.

"It was a tough quarter, and we own it … But any way you slice it, they are not what we want. They are not what we expect, and we outlined today the steps we are going to take moving forward," Robb said. (Tweet This)

Robb added that management has seen indication in the first five weeks of this reporting period that there is some stability in the stock.

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"That would express some confidence that we may be close to the bottom or see the bottom," he added.

The co-CEO explained that moving forward the company plans to take steps of reducing prices strategically, increasing communication with its marketing division, and communicating differences in quality standards and transparency.

"I think what's reasonable is to take a strong, aggressive, measured, incremental step in this direction, which I think this plan we outlined today does, and make sure we understanding exactly how the customers are responding to those steps before we take the next set of steps," Robb said.

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