Artie T. Rejects Market Basket Board Offer

Written by Tony Schinella

If you thought the Market Basket saga between family members would be ending after the independent directors of Market Basket earlier today offered former CEO Arthur T. DeMoulas “a path forward,” to return and play a role in the company, think again.

Justine Griffin, the managing director of Rasky Baerlein Strategic Communications, issued a counter statement basically saying, forget it.

“Five weeks ago these Board members voted to fire Arthur T. Demoulas and banned him from company property,” the statement said. “Since that time, the company has spiraled downward and Arthur T. has worked feverishly to purchase the company. On three separate occasions since that time, including as recently as yesterday, Arthur T. has offered in writing and otherwise to try to bring back his entire management team to work to stabilize the company. Each offer was rejected. It is disingenuous to issue a press release at 5:30 on a Friday, from the ‘Independent Directors’ all of whom were appointed by Arthur S. Demoulas’ side of the family, announcing that they have invited him to rejoin the company but not as CEO. This is an attempt to have him stabilize the company, while they consider selling it to another bidder. This is far too serious a situation for these games and attempts at window dressing. It is a serious issue that deserves a serious solution. Market Basket’s Associates, customers, vendors and communities deserve better than that. Arthur T. Demoulas has provided a serious proposal which should be accepted.”

The statement comes in reaction to a statement issue by the “independent directors of the DeMoulas Board of Directors” entitled “Let’s all get back to work.”

In the offer, the board offered the opportunity for Arthur T. DeMoulas to return along with his management team. This, the directors stated, “would allow Mr. Demoulas to simultaneously continue to pursue his stated intent to acquire the entire ownership of the Company from the majority owners.”

The statement added, “There is no reason to not meet in the middle,” said the Independent Directors. Mr. Demoulas gets his management team back in place, associates can get back to doing their job, customers can get back to shopping and the company gets the breathing room needed to create an orderly and productive way forward.”