SALE OF MARKET BASKET = END GAME OF GREED
Thursday, July 24, 2014 at 12:59PM 
“....My more having would be as a sauce....to make me hunger more: that I should forge....Quarrels unjust against the good and loyal,... Destroying them for wealth.” (Macbeth)Greed, greed and ...... greed.
It is all about selling the Market Basket real estate -- the successful super market chain that includes 71 retail store locations -- that's the end game of greed for the selfish family shareholders now running Market Basket. The family owners in the hostile takeover that now control the company will make a windfall profit worth billions of dollars selling out the retail real estate to another food chain operation, and many people will lose their jobs.
It is happening right in front of our eyes, the purposeful destruction of a business to prop it up for sale --- Market Basket properties will be sold to Whole Foods Market, Stop & Shop, Wegman's or Hannafords -- competitive chains growing and not divesting. The value is in the real estate -- not the food industry giant that has become a model of success in the multi-billion dollar supermarket business --- customers will lose the deep discounts on food prices that have sky-rocketed since the mortgage fiasco bust in our economy in 2009.
The 71 stores in Market Basket are the only asset that matters -- control of the real estate was the goal of the hostile takeover of the company by Arthur S. DeMoulas -- willing to destroy business operations by discarding his annoying yet effective CEO and cousin Arthur T. DeMoulas. The problem is that the employees revolted,went on strike, refused to work in the warehouse and handle deliveries on the trucks, draining the inventory on hand. The employees on strike include truckers, cashiers, and butchers -- who then called for a boycott of Market Basket -- customers respectfully obliged.
Workers are picketing to reinstate a CEO...... Really. The CEO, Arthur T. Demoulas understood the value of profit-sharing with his workers... and grew the company from the share model passing on savings to the millions of loyal customers.... it is a company that was built on respect for its employees and customers.
It is not about worker rights, as the compassionate crowd would like to believe, it is not about the loyal customers or even the growing popularity of the supermarket chain in this recession weary time -- it is about stopping the selfish desire to sell Market Basket by discharging a CEO that is operating in the company's best interest, then unloading the chain in the marketplace -- and let the best bidder win.
It is a sorry state of affairs -- we are witnessing the end game for Market Basket.... and the current owners are bent on destruction of the business in order to sell off the retail stores. The replacement of the work force has begun, only major interference by the Attorney General's office in Massachusetts (headquarters is Tewksbury, MA) can help save the employees, help save the chain that has helped millions of Americans afford food for their families to eat.
Family Fights.... Tough Karma for Market Basket.
Reader Comments (1)
Even more impressive: the workers are not unionized!