August 28, 2014

Market Basket Resumes Operations After Cousins Settle



Back to work: Employees embrace near a poster welcoming customers back to the stores on Thursday.

[From article]
A beloved grocery chain CEO who was ousted from the company by his cousin - causing a six week standoff between management and thousands of workers - has struck a deal to return to the helm.
Arthur T. Demoulas has reportedly made a $1.5 billion offer to buy out the part of the New England-based chain Market Basket controlled by his cousin, Arthur S. Demoulas.
When Arthur T. - whom employees likened to George Bailey in 'It's a Wonderful Life' for putting people before profits - was ousted by a board of directors controlled by Arthur S. Demoulas in June, workers refused to work and marched the streets in protest.


Warehouse employees failed to make deliveries to the stores in Massachusetts, New Hampshire and Maine, leaving shelves bare and costing millions in lost revenue.

http://www.dailymail.co.uk/news/article-2736661/Victory-beloved-It-s-Wonderful-Life-boss-Fired-CEO-buys-grocery-company-employees-walked-six-weeks-save-job.html

Victory for beloved 'It's a Wonderful Life boss': Fired CEO buys grocery company back after all his employees walked out for six weeks to save his job
Arthur T. Demoulas has made a $1.5 billion offer to buy out the part of Market Basket controlled by his cousin, Arthur S. Demoulas
It comes after a board of directors controlled by Arthur S. ousted Arthur T. in June - sparking protests and walkouts by employees
Staff demanded Arthur T. be reinstated and refused to make deliveries or re-stock shelves, leading to empty stores and tens of millions in lost revenue
Workers likened Arthur T. to George Bailey in the movie 'It's a Wonderful Life', saying he has long put 'people before profits'
By ASSOCIATED PRESS and LYDIA WARREN FOR MAILONLINE
PUBLISHED: 07:52 EST, 28 August 2014 | UPDATED: 10:53 EST, 28 August 2014

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