Market Basket Family Feud Continues
The crisis situation at Market Basket intensifies as the family feud between the former CEO Arthur T. Demoulas and his cousin Arthur S. Demoulas continues.
On Sunday night Arthur T. Demoulas released a statement reaffirming, "his desire and good faith for completing the purchase" of the 50.5 percent of the company that is owned by Arthur S. Demoulas and the rest of the shareholders.
The statement from the former CEO came one day after a statement was released on behalf of the majority shareholders or the Class A. Arthur S. and his relatives said that, "the Class B Shareholders have not indicated a willingness to engage in good faith discussions for a sale."
According to a newspaper the Class A shareholders in the statement said they have offered to provide financing and that "terms included an interest bearing loan secured by collateral that has an acceptable payment schedule."
It also said that by the terms of the proposal Arthur T. Demoulas would be permitted to return to work right away to return collaboratively to soothe the business on terms projected by the independent directors of the Market Basket Board.
In June the board of Market Basket which is controlled by Arthur S. decided to fire Arthur T. Since then the employees who have been loyal to Arthur T. have staged protests and have also refused to carry on with the deliveries to stores that have left the chains shelves vacant.
New Zealand News
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