Arthur T. Demoulas’ Final Bid For Market Basket?
BOSTON (CBS/AP) – Arthur T. Demoulas, the former Market Basket CEO at the center of the employee revolt, is expected to submit his final bid to buy the supermarket chain Friday, according to a published report.
The Boston Globe also reports Market Basket’s board of directors will meet Saturday to discuss the final bids.
Delhaize Group SA, the parent company of Hannaford supermarkets, is reportedly interested in buying Market Basket as well.
Demoulas was fired in June by a board controlled by his rival cousin, Arthur S. Demoulas.
The power struggle has led to protests by thousands of employees and a boycott by customers for the last five weeks, leading to a steep drop in sales at the chain with 71 stores in Massachusetts, New Hampshire and Maine.
The governors of Massachusetts and New Hampshire are trying to broker a deal to bring the standoff to an end. They hoped to have an agreement by the end of this week.
Longtime employee Emil Beauchesne said he and his coworkers believed the showdown would have already come to an end.
“No one thought it was going to go this long. We were thinking maybe a week, a couple days. Something like that,” Beauchesne said. “Then after the second week, third week, now it’s getting scary.”
Business analyst John Rand, the senior vice president of Kantar Retail, said he believes it is critical for the company to find the right solution to the ongoing situation.
“If it impacts the prices across the board in a noticeable way or if it changes the level of service and support you get in the store as a shopper, that would obviously do more damage than the temporary five-week absence of the company from the marketplace,” said Rand.
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