Article Image
News Link • Economy - Economics USA

Market Basket was not a worker?s revolution

• Free Press Publications
It began as an epic family feud with seemingly everyone in New England taking sides. CNN reports, ?The dispute began in June when the company?s board replaced [Arthur T.] Demoulas, who was beloved for his leadership but had long feuded with his cousin, Arthur S. Demoulas, over control of the family-owned company. Arthur S. and his family controlled 50.5% of the shares of the company.? After the ouster of Arthur T. as CEO of Market Basket, management and employees walked out in what some were calling a worker?s revolution. This revolt led to deliveries being halted, shelves being empty, and hours for part-time employees being slashed. Customers were asked by the protesting workers to boycott the nearly empty stores. In late August the standoff ended, with the ousted CEO buying the company for an estimated $1.5 billion. While the deal has not yet been finalized, Arthur T. and his management team would return to the chain immediately. He addressed some of his employees and supporter

Join us on our Social Networks:

 

Share this page with your friends on your favorite social network: