BIDDEFORD — A statement from the Market Basket Board of Directors Tuesday said they are continuing to review several bids to buy the company. That includes an offer from Arthur T. Demoulas to purchase the remaining shares of the company, 50.5 percent, that his side of the family doesn’t already own.
“As the board has previously noted,” according to the statement released Tuesday, “it is currently engaged in a rigorous and active process to consider strategic alternatives for the company, including its possible sale. Despite reports to the contrary, Arthur T. Demoulas is but one of several potential buyers for the company who continue to express a strong interest in purchasing the company.”
After reviewing the offers, the board will make its recommendation to the shareholders.
“However,” according to the board statement, “the board has no authority or right to force shareholders to accept an offer, as that decision rests solely with the company’s shareholders.”
The Market Basket grocery chain, with 71 stores in Massachusetts, New Hampshire and Maine ”“ the only location in the state is in Biddeford ”“ is embroiled in a feud involving warring sides of the Demoulas family.
Last month, the board fired Arthur T., the former CEO. In doing so, the board sided with his cousin, Arthur S. Demoulas.
More than a week ago, in protest of Arthur T. being fired, Market Basket warehouse workers and drivers walked off the job. They say they won’t go back to work until Arthur T. is reinstated.
Since then deliveries of most produce, seafood and meat to the family owned stores has stopped.
Store employees have also made no secret of their loyalty to Arthur T. and have distributed information and put up posters, including at the Biddeford store, about why the strike has taken place.
Employees have said they are loyal to Arthur T. because he treats them like they’re family and also because they are afraid employee benefits like profit sharing and bonuses will be eliminated under the new management.
Managers of Market Basket supermarkets are repeating their threat to quit if ousted CEO Arthur T. Demoulas is not reinstated, according to Associated Press reports.
A petition signed by managers and assistant managers of 68 of the 71 New England stores warns that they will immediately resign if Demoulas is not restored “with full authority.” They planned to deliver the petitions to co-CEOs James Gooch and Felicia Thornton.
Many customers have said they side with the employees, and because of that ”“ and the lack of food on grocery shelves ”“ they are going elsewhere to do their shopping.
Industry analysts say Market Basket is losing millions of dollars each day. Kevin Griffin, publisher of “The Griffin Report of Food Marketing” said “erosion of customer loyalty can happen very quickly,” and there might not be a company to save if a resolution doesn’t come soon.
— Staff Writer Dina Mendros can be contacted at 282-1535, ext. 324 or [email protected].
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