With Market Basket's embattled management and its protesting employees facing a critical deadline today, ousted CEO Arthur T. Demoulas insisted last night he can get the beleaguered supermarket chain up and running immediately if they will agree to let him buy them out — while the board issued a statement encouraging its rival to "continue providing constructive proposals."
The co-CEOs hired by the Arthur S. Demoulas faction to replace Arthur T. have set today as the last day protesters can go back to work without penalty. They also have ordered managers to reorder and restock today, to draw customers back into the largely empty stores. The clash of wills is likely to be heightened today as supporters of ousted Arthur T. attempted last-ditch efforts to force his reinstatement by protesting at job fairs.
Arthur T. issued a statement at 7:28 p.m. yesterday, saying he was ready to return and bring back workers loyal to him as soon as midnight last night, if the board accepted his buyout offer.
"Arthur T. Demoulas and his side of the family have been working around the clock to pursue their offer to buy the 50.5 percent of shares in (Demoulas Super Markets) they do not own for a full and fair price," said the statement, issued through a spokeswoman. "As part of his proposal, Arthur T. has also offered to move immediately to return to work in advance of the completion of the stock purchase and work to bring back his full team to stabilize and begin to restore the business. He offered to do so starting as soon as midnight ...
"These steps are critical at this point and are in the best interests of associates, customers, vendors and shareholders," the statement continued. "Time is of the essence. Arthur T. is hopeful, but resolution depends on the response of the other shareholders in order for an agreement to be reached."
Market Basket's board said in its own statement issued just before 11 p.m. last night: "Demoulas Market Basket is considering strategic alternatives directly with parties in private conversations. We encourage the B shareholders, including Arthur T. Demoulas, to continue providing constructive proposals. Following the Board's evaluation of all of offers, it will convey its recommendations to the Company's shareholders who have the final decision as to which strategic alternative, if any, to accept. The Board fully supports the current management team in their efforts to ensure that Market Basket's normal business operations resume immediately for the benefit of its customers, associates, vendors and communities."
A job fair in Andover today seeks current employees for promotion to store manager and assistant store manager. In recent emails, co-CEO Felicia Thornton ordered managers to stock shelves today and order perishables "to our Market Basket standards."
Many protesters said they are prepared for the worst if Arthur T.'s offer is rejected. Deli clerk Gerard Hamner said, "They could do it right of out of spite, just take what they got and let the place fold. That could happen."
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