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Wednesday, July 30, 2014

Market Basket managers turn up heat on chain

BOSTON (AP) - Managers of Market Basket supermarkets are repeating their threat to quit if ousted CEO Arthur T. Demoulas is not reinstated.

A petition signed by managers and assistant managers of 68 of the 71 New England stores warns that they will immediately resign if Demoulas is not restored "with full authority." ...

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BOSTON (AP) - Managers of Market Basket supermarkets are repeating their threat to quit if ousted CEO Arthur T. Demoulas is not reinstated.

A petition signed by managers and assistant managers of 68 of the 71 New England stores warns that they will immediately resign if Demoulas is not restored "with full authority."

They planned to deliver the petitions to co-CEOs James Gooch and Felicia Thornton.

Meanwhile the Market Basket board says it is continuing to evaluate several offers to buy the embattled supermarket chain among other "strategic alternatives."

The statement Tuesday said it is considering an offer last week from ousted CEO Arthur T. Demoulas to buy the chain owned by feuding members of his family, but said he is one of several potential buyers.

The board, controlled by his cousin Arthur S. Demoulas, fired Demoulas in June. Employees loyal to Arthur T. have demanded his reinstatement. Workers have held protests, and refused to make warehouse deliveries to stores.

The board said while Demoulas's bid "provides a path toward solving many of the problems he has helped to create" it's just one option.

The board said it will make a recommendation to shareholders, but gave no timetable.