September 10, 2014 by Billionaire Addresses
The CEO and billionaire co-owner of Market Basket, an east coast based grocery chain has been in the spotlight the last few months. Arthur T Demoulas, a very well respected CEO by both employees and the public for his ‘people before profits‘ attitude, was ousted from the company by his cousin, Arthur S. Demoulas in June, causing a six week standoff between management and thousands of workers. Since then the workers have been on strike, asking that Artie T. (as he is affectionately known) be reinstated as the company CEO. For weeks, all operations were suspended by employees warehouse employees had failed to make deliveries to the stores in Massachusetts, New Hampshire and Maine, leaving shelves bare and costing millions in lost revenue. The company in the meantime hired co-CEO’s and they had repeatedly urged employees to return to work, but they refused and insisted on the reinstatement of Arthur T. Demoulas.
The uproar over Arthur T. Demoulas’ firing prompted massive protest rallies outside the company’s Tewksbury, Massachusetts headquarters. After the company fired eight supervisors who helped organize the revolt for the firing, public support for the workers intensified. Thousands of customers, as well as more than 160 mayors and legislators in Massachusetts and New Hampshire, signed petitions agreeing to boycott Market Basket.
The chain has about 25,000 employees and 71 stores in Massachusetts, New Hampshire and Maine. The stores, usually jam-packed with shoppers attracted by the chain’s low prices, have had only a trickle of customers for weeks now.
On Thursday August 28, 2014, Arthur T Demoulas made a statement letting everyone know that he is in the process of buying out other family members of the chain for $1.5 billion, and once again plans to pick-up right where they left off when her was fired. Just this time he will have no resistance from his profit-driven family.
Infighting in the Demoulas family has gone on for decades, but this was the first time the family’s squabble had such a deep impact on the company stores.
Market Basket stores have long been a fixture in New England. The late Arthur Demoulas, a Greek immigrant who was the grandfather of Arthur S., opened the first store in Lowell nearly a century ago.
Over the years, Market Basket became a favorite of frugal food shoppers and it’s employees credit Arthur T. Demoulas for treating them like family, keeping prices low, which in turn lead to the company’s success.
Sorry for the delay on this post.
More on this can be read in an article that came out today,
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