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Interesting case in business going on here (1 Viewer)

johnnycakes

Footballguy
I read this story and the first thought I have is, "whose business is this, anyhow?" I believe DeMoulas Market Basket is privately-held. Yet the workforce is effectively holding the board of directors hostage as they protest the firing of the CEO. I guess the workers feel it's their livelihood at stake and they don't have much confidence in the replacement CEO. Free enterprise at work.

CHELSEA, Mass. —More Market Basket workers are getting ready to put their jobs on the line as they prepare for another rally to support their ousted CEO.

At Market Basket in Chelsea, there were enough empty shelves this weekend to make some shoppers wonder if a storm was approaching.

“There’s nothing in the store,” said Haroon Sidiqi. “I don’t know what’s going on.”

Deliveries to Market Basket stores across the region stopped Friday as employees fight to have their former CEO reinstated. Arthur T. Demoulas was fired in June, spurring warehouse workers to walk off the job in protest.

Much of the produce, meat and fish were wiped out on Sunday at the Chelsea location. Amine Djellouli had stopped in to buy vegetables.

“It is unbelievable, we don’t see any food,” she said. “I understand the strike, people need decent pay and money. On the other hand, we are struggling to find food here for our families.”

Seventeen Massachusetts lawmakers called for a boycott of the regional supermarket giant.

“We, the undersigned, stand today with the thousands of Market Basket employees who have walked out of their jobs in protest of the firing of their beloved CEO Arthur T. Demoulas,” the boycott document read, according to The Boston Globe.

Attorney General Martha Coakley praised protesting employees Sunday, saying "workers deserve to be treated with respect and their voices deserve to be heard."

On Sunday afternoon, workers said a warehouse supervisor was fired over the protests, according to wearemarketbasket.com.

Shoppers told NewsCenter 5 on Facebook that they were also seeing empty shelves in West Bridgewater, Reading, Raynham and Hudson and Nashua, New Hampshire. Laura Spacer also had no luck getting what she needed on her grocery list in Chelsea.

"There's nothing here," she said. "I guess I'll have to go shop at Stop & Shop."

Many people said they weren’t familiar with the feud between employees and their corporate owners, but were disappointed that it was affecting their grocery-buying.

“There was no produce, the shelves were empty,” one customer said. “It’s too bad, it’s a great store.”
 
This is basically a family dispute between the decendants of two brothers. While Arthur might be loved, a court found that he illegally transferred company assets to his side of the family.

 
Glad I did a search. I've been following this story for a few weeks now. I'm finding it fascinating. It's STILL going on. The employees are still not going to work and the stores are about empty. Estimates are they're losing 90% of their business due to there not being much to sell at the stores. What amazing employee loyalty as management continues to threaten to fire them. Just an unbelievable story to me. Anyone else following this?

 
:thumbup:

Arthur T. and his family, who own 49.5 percent of the company, will reportedly pay more than $1.5 billion for the 50.5 percent owned by rival family members, including Arthur S. Demoulas. That puts the full valuation at about $3 billion, in line with expert estimates of the company’s value prior to the summer’s events. The Boston Globe has reported that more than $500 million of that figure will come in the form of financing from a private equity firm.

chetbuxTM to the rescue!

 
Glad I did a search. I've been following this story for a few weeks now. I'm finding it fascinating. It's STILL going on. The employees are still not going to work and the stores are about empty. Estimates are they're losing 90% of their business due to there not being much to sell at the stores. What amazing employee loyalty as management continues to threaten to fire them. Just an unbelievable story to me. Anyone else following this?
Yeah I have been keeping up. It really is fascinating. They love that guy.

 
:blackdot: This could be a cool story...anyone have any good links to the court hearing?
Check out some things from the Lowell Sun online. They will make a movie out of it eventually, but what was reported is not even half of the good stuff.

The court case has some good side stories (lawyers getting disbarred, judge being a moonbat crazy lady, fist fights between cousins, International laws being broken, etc.) and the family history has plenty of twists and turns (some original kids being left out of family business, kids dying in race cars, fathers dying young leading to family anarchy, back-room politics, lots of laziness and money, etc.).

Glad it is coming to a resolution at least.

 

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