Market Basket's Only Solution
In an editorial in the Boston Globe today, the Globe's editorial board says that the only solution for Market Basket is ' bringing back deposed CEO Arthur T. Demoulas to lead the employees in rebuilding the firm.' The Globe is right on this. Market Basket is vital to our communities that they serve and the stubborn actions of Arthur S. Demoulas and his co-CEO's have created a crisis for workers and consumers.
As the days tick by and the board reaches no decision on Arthur T. Demoulas' offer to buy out the company, the value of the company decreases and the community struggles in effort to find reasonably priced groceries to feed their families. As the Boston Globe's editorial notes some intervention is necessary to end this stalemate:
If the board remains unwilling to make the move, even in the face of disastrously declining revenues, other business leaders and Governor Patrick should step in to help negotiate an end to the standoff. On Wednesday, Patrick declined to do so, on the grounds that he would be interfering with a private enterprise. But public leadership sometimes requires the use of a bully pulpit and an appeal to private interests to think of the public good; public officials have often volunteered their services as mediators in private disputes that threaten the greater good. In this case, it's necessary to make sure that the supermarkets - a vital community resource, particularly in low-income areas that lack other sources of reasonably priced, healthy foods - don't go out of business.
The job fairs held by the company's new management earlier this week produced poor turnout, no doubt due to the community support for the striking workers. It seems clear to everyone watching this debacle that the new management is, as pointed out by ' Thomas Kochan, professor of management and co-director of the Institute for Work & Employment Research at MIT's Sloan School of Management,' effectively ' destroying Market Basket's greatest value, which lies in the cohesive group of employees who have relationships with customers.'
'These are societal assets that you don't want to lose,' says Kochan.
The Boston Globe's editorial concludes:
In family feuds, logic and reason can go out the window. Demoulas family members are stubbornly sticking to their positions instead of using clear-headed business judgment. It's time to put that aside and bring in a third party to say to the company leadership: Let's get this resolved.
Every community in New England with a Market Basket has suffered in this scandalous standoff between workers and new management. And every community joins with Market Basket in calling for the return of Arthur T. Demoulas to the helm of the embattled company.
Arthur S. Demoulas needs to bow to the will of the people. His stubborn attitude has made him the poster child for corporate greed and the people are angry.
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