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Old 07-18-2014, 03:19 PM   #1
plunk10
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Default Any NESIC OTters shop at Market Basket?

I've never heard of the place, but apparently, everything is about to go downhill. Its astonishing how loyal the employees are to their former CEO.

http://www.boston.com/business/news/...MNK/story.html

So a couple thousand employees walk out in protest today, with the new CEO threatening to fire anyone that participated in the walk-out.

If I'm ever in the area, I'll be sure to NOT shop there as well. Kinda sounds like Costco trying to turn into a Sam's club.
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Old 07-18-2014, 03:23 PM   #2
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Unskilled, hourly workers. You can all be replaced via craigslist within a week. In a month people will have forgotten about it and return to shopping there.

Sad, but true.
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Old 07-18-2014, 03:25 PM   #3
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Market Basket is one of the major grocery store chains up here. There is one about 3 miles from my house, though that's not the grocery store I usually go to. They definitely have a loyal following, but they have gone downhill over the last 20 years with the increased competition. Massachusetts is an at-will employment state, so it is within legal means for the new CEO to fire them all. They will have a very difficult time getting new employees, though.

Market Basket is enough of a New England institution that people here won't forget in a week, and the bigger issue is that there is enough competition for employment for these sorts of positions up here that it will likely have a major economic impact on the company.
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Old 07-18-2014, 03:36 PM   #4
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Yeah, the family has been having a brutal fight and there have been 2 brand new stores not opened just rotting over a year now because of all of this.
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Old 07-18-2014, 03:44 PM   #5
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I'm not sure how the unemployment rate is in that area, but one can hope they form some sort of employee union. I see they already have a lot of followers on the facebook page.

https://www.facebook.com/pages/Save-...36649323208808

But the other side of me hopes they go out of business thanks to the poor decisions of the new CEO(s)
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Old 07-18-2014, 04:14 PM   #6
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Quote:
Originally Posted by plunk10 View Post
I'm not sure how the unemployment rate is in that area, but one can hope they form some sort of employee union. I see they already have a lot of followers on the facebook page.

https://www.facebook.com/pages/Save-...36649323208808

But the other side of me hopes they go out of business thanks to the poor decisions of the new CEO(s)
Unemployment for this type of position is relatively low in the area. I'd think that the majority of these people would likely be able to find another job at one of the competing supermarkets relatively easily. Though it is a large chunk of people, there are still 3 other major grocery store chains in New England that are similar in size to or larger than Market Basket that have been taking market share away from them (Hannaford's, Shaw's, and Stop & Shop being the other 3, and also adding Big Y in western MA).
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Old 07-18-2014, 05:05 PM   #7
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The full name of the chain is DeMoulas Market Basket. The CEO that everyone likes last name is DeMoulas.

There is a movie in here somewhere....


DeMoulas Super Markets, Inc, began in 1917 when Arthur DeMoulas and his wife, Ephrosine opened a grocery store in Lowell, Massachusetts. Approximately 40 years later, he sold that store to his sons, George and Telemachus. Within 10 years the brothers had opened five additional stores. In 1964, the brothers executed wills with their respective wives, promising each other that if either one died the surviving brother would take care of their spouse.[9]

In 1971, George died suddenly. Telemachus assured George's widow that he would keep the promise he had made to George. Financial records show that over the next 16 years, Telemachus slowly transferred stock out of ownership of George's older son, Evan without Evan's knowledge or permission. This information came to light because of a discrepancy in an income tax return filed by Telemachus on behalf of Evan which showed Evan living in New Hampshire, when he actually lived in Dracut, Massachusetts. The resulting imbalance and ownership ended up with one of George's sons only owning 8% and the remaining 92% in the hands of Telemachus and his family. The ensuing trial for fraud was started in 1994, followed by several more rounds of legal battles in court.

As of September 2013 the legal struggles continue. The parties currently await the decision of a judge on whether or not to block a $300 million stockholder payout from an existing $500 million cash balance in the company's reserves.[10] The ongoing feud has slowed construction of the new Waltham, Massachusetts store and has canceled the September 2013 opening of the new Revere, Massachusetts store, which, though complete, is still vacant as of February 2014.[11]

Last edited by boxxxer; 07-18-2014 at 06:11 PM.
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Old 07-18-2014, 07:37 PM   #8
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Quote:
Originally Posted by Hondaslayer View Post
Unskilled, hourly workers. You can all be replaced via craigslist within a week. In a month people will have forgotten about it and return to shopping there.

Sad, but true.

Or totally false....most of the workers that are walking out are management. And some of them are fairly high up.
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Old 07-18-2014, 07:39 PM   #9
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I worked there from 16-19 years old and I do most of my grocery shopping there. It is as cheap as Walmart but better(not best, but decent) quality. The last couple weeks I've tried to do most of my shopping at Hannaford & Costco instead.
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Old 07-18-2014, 07:42 PM   #10
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Originally Posted by Thug View Post
Or totally false....most of the workers that are walking out are management. And some of them are fairly high up.
They have several thousand managers?

Sounds like a poorly run company.
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Old 07-18-2014, 08:29 PM   #11
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Thug is a big market basket guy.
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Old 07-18-2014, 09:07 PM   #12
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They're like half the price of Stop and Shop.

The company owns tons of real estate. If a supermarket wants to build somewhere that would compete with a market basket, they pretty much buy every single inch (including where the supermarket was going to build) in a square mile. One was going to build in Westford, MA (near my work). They bought everything and built a market basket there. There is a second market basked about 300 yards away and both are open with no plans to shut down.

Jack was the first ever male cashier at Big Y. There's a story behind that.
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Old 07-18-2014, 10:07 PM   #13
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Heh, co-CEO Jim Gooch

Last edited by Benhart21; 07-18-2014 at 11:17 PM.
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Old 07-18-2014, 10:40 PM   #14
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My GFs childhood best friend still lives in NH. Her husband had worked for market basket since he was in his teens. He was the meat market manager of his store until he left in September 2012.

He said the writing was on the wall that the ship was sinking.
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Old 07-18-2014, 10:53 PM   #15
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One of the things Market Basket doesn't do is night shift stocking, they do it during work hours. That supposedly cuts a ton of expenses, they're prices are really good and because of that they're always busy, which means the food is always fresh.
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Old 07-18-2014, 11:37 PM   #16
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From a consumer standpoint, this place is great. They are selling the same products cheaper than their competitions by a considerable amount. The downside, the place is always a zoo.
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Old 07-19-2014, 12:01 AM   #17
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I do not like the produce at my local market basket. I prefer Hannaford, though it is more expensive.
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Old 07-19-2014, 07:00 AM   #18
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Originally Posted by express_wagon View Post
From a consumer standpoint, this place is great. They are selling the same products cheaper than their competitions by a considerable amount. The downside, the place is always a zoo.
Psssst.....early Sunday morning. Nobody there.
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Old 07-19-2014, 08:54 AM   #19
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Quote:
Originally Posted by Jack View Post
They're like half the price of Stop and Shop.

The company owns tons of real estate. If a supermarket wants to build somewhere that would compete with a market basket, they pretty much buy every single inch (including where the supermarket was going to build) in a square mile. One was going to build in Westford, MA (near my work). They bought everything and built a market basket there. There is a second market basked about 300 yards away and both are open with no plans to shut down.

Jack was the first ever male cashier at Big Y. There's a story behind that.
In Amherst, NH, there are 3 MBs in a couple miles on the same road. The one closest to Rt3, loses a considerable amount of money, but its kept open to prevent a competitor from jumping in there.
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Old 07-25-2014, 08:06 AM   #20
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The plot thickens
http://www.wbur.org/2014/07/24/arthu...-market-basket

Quote:
Arthur T. Demoulas Offers To Buy Market Basket
By The Associated Press July 24, 2014 Updated July 24, 1:15 pm

TEWKSBURY, Mass. — The former chief executive of the Market Basket supermarket chain whose ouster has led to employee protests, customer boycotts and empty shelves wants to buy the entire company.

Arthur T. Demoulas said in a statement Wednesday that he and his side of the family want to buy the 50.5 percent of the company now controlled by relatives who backed his firing last month.
More: Market Basket Dispute
7/24: Ousted CEO Offers To Buy Chain
7/24: Standoff Leaves Vendors Stuck With Ripening Products
7/23: Shelves Go Unstocked As Employees Bring Dispute To Stores
7/23: CEOs Urge Workers To Return
7/23: The Mystery Of Market Basket’s Missing Website
Cognoscenti: 3 Lessons For Corporate America In Market Basket Protests
7/22: In Somerville, Some Shelves Empty As Workers Protest
7/22: Ex-CEO: Reinstate Fired Workers
7/21: 8 Employees Fired Amid Protests
6/24: Board Ousts Market Basket CEO

“Our offer is a very full and fair one and should meet or exceed a seller’s expectations of the value of the company,” he said. “We care deeply about Market Basket and all of our associates and we want to work together to return the company to its successful model for serving our loyal customers.”

The amount of the offer was not disclosed, but a trade publication estimated the company’s value as high as $3.5 billion.

Demoulas was ousted by a family faction supporting his cousin, Arthur S. Demoulas. Both are grandsons of the company’s founder and have feuded for decades.

The faction backing Arthur S. Demoulas did not make a public response to the offer.

The privately-owned Tewksbury, Massachusetts-based chain has 71 stores in Massachusetts, New Hampshire and Maine.

Arthur T. Demoulas’ ouster has led to rallies attended by thousands of employees and their supporters at company headquarters demanding his reinstatement. Many walked off the job to attend. Eight longtime employees have been fired for helping organize the protests. Another rally is scheduled for Friday.

Business has dropped off dramatically as store shelves have emptied and not been replenished by deliveries.

Customers have stopped shopping at Market Basket stores, known for their rock bottom prices, either because of the limited selection or as a form of protest. Many customers have taken to taping their receipts from competitors on Market Basket store doors.

The new co-CEOs, Jim Gooch and Felicia Thornton, assured workers in a statement this week that they are not planning drastic changes in the way the company is operated, and urged employees to return to work.
I like how the new CEO threatened to fire everyone that went on protest, then later asked everyone to come back to work. They really need to unionize.
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Old 07-25-2014, 08:13 AM   #21
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I've only heard about this because all my NESIC pals are losing their **** about it on Facebook. It's interesting, I read about the feuc between Arthur T. and Arthur S., and how everyone loved Arthur T., but it seems that Arthur T.'s father really started some **** that got them into this mess in the first place. I'm not shocked that Arthur S. would want him out, if my Uncle tried to defraud my widowed mother, I'd fight him and my cousins too.
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Old 07-25-2014, 08:19 AM   #22
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sad to see a good company go so downhill

happened to publix too....the old man fell out of the picture and the kids and grandkids turned it into another walmart
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Old 07-25-2014, 08:28 AM   #23
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Can they resolve this already so MB people get out of my Hannafords. Every other grocery store in the city is now a cluster **** because of this.
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Old 07-25-2014, 08:31 AM   #24
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The full name of the chain is DeMoulas Market Basket. The CEO that everyone likes last name is DeMoulas.

There is a movie in here somewhere.... DeMoulas Market Basket - Wikipedia, the free encyclopedia


DeMoulas Super Markets, Inc, began in 1917 when Arthur DeMoulas and his wife, Ephrosine opened a grocery store in Lowell, Massachusetts. Approximately 40 years later, he sold that store to his sons, George and Telemachus. Within 10 years the brothers had opened five additional stores. In 1964, the brothers executed wills with their respective wives, promising each other that if either one died the surviving brother would take care of their spouse.[9]

In 1971, George died suddenly. Telemachus assured George's widow that he would keep the promise he had made to George. Financial records show that over the next 16 years, Telemachus slowly transferred stock out of ownership of George's older son, Evan without Evan's knowledge or permission. This information came to light because of a discrepancy in an income tax return filed by Telemachus on behalf of Evan which showed Evan living in New Hampshire, when he actually lived in Dracut, Massachusetts. The resulting imbalance and ownership ended up with one of George's sons only owning 8% and the remaining 92% in the hands of Telemachus and his family. The ensuing trial for fraud was started in 1994, followed by several more rounds of legal battles in court.

As of September 2013 the legal struggles continue. The parties currently await the decision of a judge on whether or not to block a $300 million stockholder payout from an existing $500 million cash balance in the company's reserves.[10] The ongoing feud has slowed construction of the new Waltham, Massachusetts store and has canceled the September 2013 opening of the new Revere, Massachusetts store, which, though complete, is still vacant as of February 2014.[11]
I'm curious who wrote that Wiki entry. Probably Arthur S. or one of his followers. My dad was almost picked to be on the jury for the trial in 1994, and that's not at all the way he remembers the story.

I think the real story is that Evan was a spoiled rich kid who never wanted to work, but blew through all the money he inherited in short order. He kept going to his uncle and asking for more money, so his uncle would agree to buy his shares instead of just giving him money. Since it was a privately held company at the time, it was hard to tell what the shares were worth. Once Evan had basically sold out all his share of the company, he got mad that he probably sold it way too cheaply, so he went after his uncle for fraud.

Also, I think that most of the fight in recent years has been on business strategy. Arthur T. is a really good businessman and runs the company on a cash basis. He doesn't build a new store until he can basically pay for it with cash, and the company has been growing pretty steadily for the last couple of decades and is one of the better employers in the area for teens and college kids. He also takes a pretty modest salary for the CEO of a pretty successful company.

Arthur S. wants to borrow tons of money, leverage the company to the hilt, and pay himself a much bigger salary. He doesn't have a clue how to run a company, and the smartest thing he can possibly do right now is sell out his shares in Arthur T.'s latest offer. If he keeps control, he's going to destroy the company in fairly short order, undoing the work of the last couple of generations of the Demoulas family.
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Old 07-25-2014, 08:40 AM   #25
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I shop at this place at 2 locations. Great prices compared to some other places in the area.
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