Market Basket Drama Would have Demoulas’ Rolling Over In Their Graves
My grandmother was friendly with the Demoulas brothers, in Lowell, MA. At Christmas, the Demoulas family would send her lovely assortments of foods as a way to say thank you for her service as a Greek School teacher. Today, I can assure you that the Demoulas brothers are rolling over in their graves because one cousin wants to change the course of the very successful grocery store, from one that’s free of debt to one that will assume 1.5 billion in debt to be distributed to its shareholders! This will force the cost of food upwards and may change the free health care, employee profit sharing and annual holiday bonuses. 21,000 workers will suffer because when lots of money and family are involved in business, you can create a volcano.
This one has been smoking for two decades. One cousin badgering the other. It’s a modern day business story of Cane and Able. Because of the greed of Arthur S., Arthur T. Demoulas could very likely be ousted, and with him go the values that were passed down by the parents and made that business one of America’s best grocery chains.
What a damn shame!