Posts Tagged ‘Market Basket’
Thursday, August 28th, 2014
We reported in late July about the long-standing feud between second generation owners of the Market Basket grocery store chain in the Northeast. Arthur S. Demoulas fired his cousin Artie T. Workers rose in support because he had done several costly things to help financially strapped workers when the stock market collapse ate up retirement savings. Local politicians called for boycotts of the stores. Shelves ran bare. Governors in two states pled for a solution.
Now, Artie T.’s offer to buy the chain, to remove Artie S., has been accepted by the Board. Artie T. will restore all lost jobs. Artie S. had fired protestors.
Life resumes to normal in a couple of months as the chain reverts to control by Artie T.
This is a very rare story where non-union workers prevailed. A great story. Justice.
Tags: Arthur S. Demoulas, Arthur T. Demoulas, Artie T., boycott, CEO, family feud, Market Basket, workers
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Sunday, July 27th, 2014
A grocery store chain, DeMoulas Market Basket, started in 1916 in Lowell, Massachusetts by two Greek immigrants is at the center of a rare remarkable demonstration of employee and customer loyalty.
The original Market Basket founders sold their store to two sons, brothers Mike and George, in 1954. When George died, a blood feud began, claiming (and a 1994 court agreeing) that Mike had cheated George and his family out of $500 million. George’s son, Arthur S. Demoulas, still became Boston’s 8th wealthiest person.
Arthur T. Demoulas, Mike’s son and the cousin of Arthur S., was named CEO in 2008 by the Market Basket Board of Directors controlled by Arthur S. (History from the Demoulas corporate website. More history from a Boston Globe video.)
As CEO, Arthur T. was committed to the firm’s 25,000 employees like few American CEOs. Said the Boston Globe about him:
It’s easy to see why the employees love Arthur T., who has been generous to them to a degree that drives his relatives crazy. One of the acts that drew their ire was replacing $46 million that their profit-sharing plan lost in the market during the 2008 financial meltdown. Arthur T. thought it was money the employees were entitled to. His cousins argued, not unreasonably, that investments sometimes go sour.
The Market Basket melodrama exploded outside the board room when loyal employees and customers took to the streets to protest and to gather signatures on petitions to re-instate Arthur T.
Here’s the account from WMUR-TV:
Tags: Arthur S. Demoulas, Arthur T. Demoulas, family feud, loyalty, Market Basket, protest
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