Devoted Market Basket shoppers wonder what's next after CEO Arthur T. Demoulas is suspended
Market Basket shoppers at the location in Waltham, Massachusetts said they hope the company's CEO Arthur T. Demoulas and the board of directors get things settled so the New England institution will be around for years to come.
"I think last time around, it was an inside job but this time around, it's an outside job and I hope they stop it because I love this store," said shopper Doris Wald.
Market Basket CEO suspended
The company's board suspended Demoulas on Wednesday. The board said it is investigating "credible allegations that Mr. Demoulas began to plan a disruption of the business and operations of Market Basket with a work stoppage." Demoulas said two of his children and several other executives were also placed on leave and he called the decision "a hostile takeover."
The company said this will not have an affect on customers or employees.
A spokesperson for Demoulas said he is a minority owner and owns 28% of the company. The spokesperson said he was ousted from his position as president and CEO by his three sisters and their three appointed board members. Market Basket Board Chair Jay Hachigian said Demoulas' sisters are not members of the board.
"Mr. Demoulas has acted for years as if he owns the entire company and can make every decision, big and small, without discussion or accountability to anyone. He has essentially hijacked this company for himself, and when the board put its foot down, he started to make plans to boycott and harm the company. It's simple: he wants it his way or no way. And that's not the way a CEO and minority owner like Arthur can be allowed to continue to conduct himself," said Hachigian in a statement.
"It's a family quarrel, so they'll settle it," said shopper Ottavino Forte. "Market Basket will go on and expand even more."
CEO forced out in 2014
In 2014, Arthur T. Demoulas was forced out when the Market Basket board was controlled by his cousin, Arthur S. Demoulas. The move caused a customer boycott and the non-union employees to essentially go on strike. Weeks later, a deal was reached to sell the Market Basket chain to Arthur T. Demoulas for nearly $1.6 billion.
"It sounded like a lot of people supported the CEO," said shopper Tyler Walsh.
Online, shoppers on social media were mixed, with some saying they'd boycott again and others saying this between Demoulas and his family. Shoppers in Waltham were ambivalent about boycotting again, more than 10 years later as another dispute had started.
"It took about six weeks or more for them to settle it," said Forte.
"I don't want that because then they close the store," said Wald.
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