Breaking: DeMoulas Board Refuses To Reinstate Arthur T., Says It Will 'Consider' Buyout Offer
Jul 25, 2014 02:39PM ● Published by Bill Gilman
According to an article published on SupermarketNews.com, the board met this morning in Boston and re-affirmed its decision to hire James Gooch and Felicia Thornton as Co-CEO's.
It its statement, the board mentioned the offer by DeMoulas but alluded to other potential buyers of the 71-store chain as well.
“Consistent with its fiduciary obligations, the board will evaluate and seriously consider this proposal, along with any other offers previously received and to be received. Following its evaluation of all of the offers, it will convey its recommendations to the company’s shareholders," read the statement, in part.
Meanwhile, more than 5,000 Market Basket employees, former employees and custormers gathered in the parking lot at Stadium Plaza in Tewksbury to repeat their demands that Arthur T. DeMoulas be re-instated as CEO/President, a position he was fired from by the board in June. The firing marked a victory for Arthur S. DeMoulas in a power struggle with his cousin that has gone on for two decades.
The employees were firm in saying that they would not end work stoppages, sickouts and calls for a boycott of Market Basket stores until Arthur T. was re-hired.
The board, in its statement, called for all employees to return to normal work procedures immediately.
“The Board acknowledges that it has heard from many stakeholders. The negative behavior of certain current and former associates is at variance with the company’s culture of putting the needs of the Market Basket customers first. It is now clear that it is in the interests of all members of the Market Basket community for normal business operations to resume immediately,” read the statement.