Latest news with #MarketBasket
Yahoo
a day ago
- Business
- Yahoo
Market Basket battle: Top executives to address firings at press conference
Fired Market Basket executives are expected to share their side of why they were let go in a press conference on Wednesday. The Market Basket Board of Directors said Joseph Schmidt and Tom Gordon were terminated for making false and derogatory remarks about Market Basket and had inappropriate communications with coworkers. The board also alleges that after an internal investigation, they found the two men were encouraging a widespread work disruption reminiscent of the 2014 employee walkout. Joseph Schmidt, the Director of Operations, and Tom Gordon, the Grocery Director, were both terminated from their positions on Tuesday. Both were first suspended with pay on May 28 after allegations they were planning a work disruption to show support for suspended CEO Arthur T. Demoulas. Market Basket said the investigation uncovered evidence that Schmidt and Gordon directly encouraged employees to slow down operations at the grocery stores and defy their supervisors. The company also said Schmidt falsely told colleagues that if Arthur T. was removed as CEO, they would lose their bonuses and profit sharing. The investigation highlighted comments about the Demoulas sisters, who are the majority shareholders in Market Basket. They include Gordon saying, 'The three girls are evil,' 'choose sides wisely,' and 'those three sisters are hell bent on getting the boss and his kids out of here, and we gotta stick together.' Schmidt is quoted as telling one associate to 'make sure[he] came out on the right side of this,' and told a subordinate, 'You've got a wife and kids. I want to make sure you know to stay on the right side of this.' The board said in a statement that Schmidt and Gordon had to know their behavior would lead to this result. The two former executives plan to comment on the firings Wednesday morning at 10:30 at the Reading Market Basket location. Market Basket CEO Arthur T. Demoulas is still on paid administrative leave. Demoulas was put on leave in late May amid accusations that he had been considering leading a work stoppage that could upend stores across the region. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
CBS News
a day ago
- Business
- CBS News
Market Basket board fires two suspended executives, CEO Arthur T. Demoulas calls move "heartless"
Market Basket's board of directors has fired two suspended executives who are loyal to suspended CEO Arthur T. Demoulas. Joseph Schmidt, director of operations, and Tom Gordon, grocery director, were both fired Tuesday in the latest chapter in the struggle for power of the popular supermarket chain. Demoulas, two of his children, Schmidt, Gordon and a third executive were all suspended and put on paid leave back on May 28. The board said Schmidt and Gordon were suspended for allegedly "encouraging a widespread work disruption" to show support for Demoulas. Demoulas and the board of directors are in a dispute over his role with Market Basket and who will control the company. In a statement Tuesday, the board said the two executives were fired for "insubordination, making false and derogatory remarks about the company and people associated with it, and inappropriate communications with colleagues." "The investigation uncovered evidence that Schmidt and Gordon, following their suspensions, both directly encouraged employees to slow down and disrupt operations at Market Basket, including by telling them to defy their supervisors," the board said Tuesday. "Despite warnings to stop pressuring Market Basket associates to join his side, Schmidt continued to defy instructions to avoid communicating with employees while under suspension." The board also said Schmidt "reportedly told colleagues - falsely - that if Demoulas were removed as CEO they would lose their bonuses and profit sharing." After they were suspended, Gordon and Schmidt went to two Market Basket stores in New Hampshire in "defiance of instructions to stay off Market Basket premises during the investigation," the board said. Demoulas ripped the board for firing the veteran executives, saying they were "easily cast aside." Gordon had been with Market Basket for 50 years, Schmidt for 39 years. "They are just collateral damage in this pre-planned coup. To Market Basket, Tom and Joe are part of the heart and soul of the company and key executives in its immense success to date," Demoulas said. "In addition to being men of strong character, these are two of the brightest and best grocery store operators in the business, and their extraordinary work has been key to building this company and its culture. This is among the worst decisions that could be made by this board." Demoulas is the CEO, but he's a minority shareholder in Market Basket. He owns 28 percent of the company. His three sisters each have a 20-percent share. The other 12-percent is in a trust for the family's grandchildren. Demoulas said Schmidt and Gordon "belong on the Market Basket team." "We will use all efforts to reverse this heartless and unwarranted decision," he said. Schmidt and Gordon will hold a news conference near the Market Basket on General Way in Reading at 10:30 a.m. Wednesday to discuss their terminations. "Before the investigation was even into its first week, Mr. Schmidt and Mr. Gordon initiated a media campaign to disparage the company, the Board of Directors and the owners and pressured associates - effectively doing in full sight what the Board of Directors suspected before their suspension. They had to know that their behavior (after multiple warnings) would lead to this result," the board said.
Business Journals
a day ago
- Business
- Business Journals
Five things: Ozzy Osbourne, Market Basket, Taste of Eastie
Good morning, Boston. RIP, Ozzy Osbourne. (Scroll down for a look at the controversy around Ozzy in Boston.) Here are the five things you need to know in local business news to start your Wednesday. 1. Covid vaccine-maker BioNTech lays off dozens in Cambridge Germany's BioNTech SE is laying off workers in Cambridge as part of a broader move to make "targeted adjustments to our U.S. organization." GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events 2. Market Basket fires two senior executives Two longtime Market Basket executives who had been put on leave in May with the company's popular CEO were fired yesterday, Grant Welker reports. On the calendar: Join us for a fireside chat and a panel at Biotech's Future: Innovation, AI and our Competitive Edge at the Ritz-Carlton Boston on July 31 3. Veralto makes first investment in VC fund, but not in Mass. For the first time since becoming an independent firm in 2023, Waltham-based Veralto Corp. is joining forces with a venture capital firm to advance water innovation — pouring $23 million in Emerald Technology Ventures' Global Water Fund II, Lucy Maffei reports. 4. Associate lawyer salaries hold steady First-year associate salaries at Boston's largest law firms haven't changed since 2023 — and this fall they'll stay at $225,000, William Hall reports. 5. Consumer sentiment dips in Boston Consumer sentiment in Boston sunk deeper into pessimism territory in the second quarter, with 39% of people surveyed in the Boston metro region saying they expect business conditions to be bad over the next 12 months — up from about 35% in the first quarter, according to the Metropolitan Consumer Sentiment Index, a quarterly index published as part of a partnership between the Business Journal's parent company and Morning Consult. What else you need to know What's going on? Today is our annual CFO of the Year awards, but if you're not one of the 320 people who have already registered, you can still get to know our honorees by reading about them here. The Petri Dish A Cambridge lung disease company has raised $100 million, plus more biotech and pharmaceutical news from Hannah Green. Names and faces Zoo New England has found its next president and CEO: Stephanie Brinley, the current deputy director of Smithsonian's National Zoo and Conservation Biology Institute Today in history On this day in 1903, the Ford Motor Co. sold its first car, a Model A, for $850. (AP) What's good on WERS-FM Tropicalia, by Beck What I'm reading The True Flag: Theodore Roosevelt, Mark Twain, and the Birth of American Empire, by Stephen Kinzer What I'm watching It's Always Sunny in Philadelphia, on Hulu What's hot in Eastie? Good food and a new brewery It's a week for good news if you're a foodie in Eastie. The annual Taste of Eastie event last night was sold out. The food-based fundraiser held at Lewis Wharf was so popular that the MBTA East Boston Ferry ran on extended hours so more attendees could get to and from The Tall Ship. If you're not familiar with the Taste of Eastie, it's a summer celebration of food from East Boston restaurants that takes place at the Tall Ship on the waterfront. You won't find better views of the downtown Boston skyline, and the food in Eastie speaks for itself. And while I'm on the subject, there's even more news in the East Boston restaurant and hospitality scene: Democracy Brewing, which has a taproom in Downtown Crossing, is now open in Eastie's Maverick Square. According to Caught in Eastie, the new location is called Democracy Brewing Eastie and offers outdoor dining at 154 Maverick St. If you haven't been to East Boston lately, there's more to it than an airport and stuck Blue Line trains. As one recent op-ed writer put it, "few places have a richer blend of collaborations, cultural events, and artists than East Boston." You should definitely check it out sometime. PARTING SHOT WBZ looked back at the controversy of Ozzy Osbourne, when the rock legend created a stir in the city of Boston over the possibility of "dead puppies." Subscribe to the Morning Edition or Afternoon Edition for the business news you need to know, all free. Largest Commercial Developers in Massachusetts Total sq. ft. developed in Mass. since Jan. 1, 2020 Rank Prior Rank Firm/Prior rank (*unranked in 2024)/ 1 1 The Davis Companies (Davis) 2 4 Cummings Properties 3 3 BXP View this list
Indian Express
3 days ago
- Business
- Indian Express
US man wins $2 million after buying two identical lottery tickets by mistake
A man from Massachusetts, US, became a millionaire twice in one night after accidentally buying two identical Powerball tickets for the same draw, CNN has reported. Paul Corcoran from Fitchburg won $1 million from each ticket in the July 9 Powerball draw. He told lottery officials he had been playing the same random set of numbers 'for quite some time'. According to Powerball and the Massachusetts State Lottery, Corcoran had first purchased a multi-draw ticket covering seven upcoming games. But he mistakenly believed that ticket had expired before the July 9 draw. Thinking he had missed his chance, he bought a second multi-draw ticket just minutes later at a different store which also included the July 9 draw. That ticket ended up matching the same five white balls, 5, 9, 25, 28 and 69. The only number he missed on both tickets was the red Powerball, number 5. Matching five white balls without the red Powerball wins a $1 million prize before taxes. 'I've been playing those numbers for quite some time,' Corcoran said when claiming his winnings at the Massachusetts State Lottery headquarters, according to a lottery spokesperson speaking to CNN. The two stores where Corcoran purchased the winning tickets Market Basket in Fitchburg and Country Farms in Leominster will each receive a $10,000 bonus. This is the first time Powerball tickets worth $1 million have been sold in either Fitchburg or Leominster, according to state lottery officials. Corcoran said the win 'feels good,' but added he hasn't yet decided what he will do with the money. The odds of winning the Powerball jackpot are 1 in 292.2 million. The next draw is on July 21 with an estimated jackpot of $308 million.
Boston Globe
3 days ago
- Business
- Boston Globe
Do Market Basket prices really still offer ‘more for your dollar'? We put it to the test.
Advertisement In the Boston area, the price of groceries in June was 24 percent higher than in June 2019, according to the US Bureau of Labor Statistics. Compare that to the 5 percent increase from June 2013 to 2019. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'Market Basket is not the bargain mecca that it was once upon a time, primarily because of inflation,' said Somerville's Edgar Dworsky, founder of . But, he added, 'On an everyday price basis, they'll probably come out on top.' This month, a Globe reporter and video producer put that hypothesis to the test, bringing the same 10-item shopping list to Market Basket, as well as Wegmans, Stop & Shop, Star Market, and Whole Foods Market, stores chosen because, like Market Basket, they offer a similarly wide selection of name-brand and store-brand items (sorry, Advertisement To minimize Under florescent lights and through labyrinthine aisles, crouched down to the lowest shelves and stretching for the highest, a clear winner quickly came into view. Market Basket clinched the cheapest prices on five items — sourdough bread ($5.99), Greek yogurt ($5.99), shredded cheddar cheese ($1.97), bacon ($5.99), and orange juice ($3.59). On oat milk, Market Basket tied with Stop & Shop and the on-sale price at Star Market ($4.99), on bananas with Wegmans (49 cents a pound), and on eggs with Wegmans and Stop & Shop ($3.99). Wegmans triumphed on Honey Nut Cheerios ($3.79, 20 cents cheaper than Market Basket), while Stop & Shop prevailed on russet potatoes (99 cents a pound, compared to $1.29 for Market Basket's 'baking potatoes'). In all, the (pretax) bill at Market Basket came out to $38.28, eking out a victory against runner-up Wegmans, which totaled $40.01. Stop & Shop clocked in at $44.40 (in all fairness, its store-brand orange juice, $1.40 pricier than Market Basket's, also contained 12 additional fluid ounces), followed by Star Market at $45.20. At an even $50, Whole Foods came in a distant fifth place. Put a different way: Someone who took this shopping list on their weekly grocery trip would save about $90 annually going to Market Basket over Wegmans, or more than $600 over Whole Foods. Advertisement Lauren Torres, 38, embarked on 'It did inspire me with this question of, 'So, why?' she said. Why, indeed? Any number of factors likely contribute to Market Basket's ability to keep prices lower than other chains, from its 'You can go to the Stop & Shop and pay $3.99 for a package of Oreos. They might sell 100 of them. We sell them for $1.50, but we'll sell 10,000,' said longtime Market Basket store director Ron Lambert in At the end of the day, a supermarket's pricing model is more than mere mathematics. It's how it communicates what kind of brand it is, said Karl Zimmermann, a senior partner focused on the grocery industry at the consulting firm Bain & Co. in Boston. 'Some retailers have a commitment to be as low price as they can possibly be for their customers, and that's why customers shop them,' he said. 'Who's our customer, and how do we make them happy?' Advertisement These days, the focus is on who, exactly, at Market Basket is answering those questions. In May, members of the company's board of directors The ouster came just over a decade after Though they remain at bitter odds, in statements to the Globe, both Demoulas and Market Basket board director Steven J. Collins — 'We don't have the buying power of Costco or Walmart, but we are constantly adjusting our supply sources to get the best products at the lowest prices. This takes a lot of hard work, but our team is the best at doing that,' Collins said. Collins added that amid Demoulas's suspension, 'Pricing is unchanged and as low as we can get them.' Justine Griffin, the spokesperson for Demoulas, said the exiled CEO 'frequently met with product buyers with the direction to keep prices low for valued customers.' 'The management team under Arthur T. Demoulas has leveraged years of grocery store know-how, relationships with vendors and partners, and its own transportation system to keep prices low and pass savings on to customers,' she said. Advertisement It's an approach other supermarkets are taking, as well. In a statement to the Globe, a Whole Foods spokesperson said the Austin-based chain 'is committed to value while maintaining industry-leading quality standards,' adding that the company has A spokesperson for Stop & Shop, headquartered in Quincy, said as part of A representative for Wegmans declined to comment, and a representative for Star Market didn't respond to requests for comment. Though Market Basket came out on top of the Globe's investigation, Dworsky, of Consumer World, urged customers against blind allegiance. Instead, he advocates for 'cherry-picking' — learning which stores in close proximity have the best deals or sales on certain items, and shopping accordingly. (A customer following this maxim on the Globe's shopping list would spend $37.78 — 50 cents below the Market Basket receipt.) Meanwhile, he added, discount chains such as Aldi or Price Rite might not offer the selection of a Market Basket or a Stop & Shop, but they may offer more competitive prices on generics and the name brands they do carry. Advertisement Loyal shoppers might need some convincing. In a report released in January that surveyed 11,000 US consumers, So perhaps there is something more important than whether Market Basket really is the place to get more for your dollar. 'I think in consumers' minds, it is,' Dworsky said. Dana Gerber can be reached at
