The DeMoula’s / Market Basket situation is heating up further. Several thousand people rallied on behalf of the old management today.
The situation so far:
Amidst a family feud for control, the 51% owners fired the head of the company, who had grown said company by 350% to the #6 position on Consumer Reports ranking of 55 grocery chains. They called his fair wages, profit sharing plan, and refusal to load up on debt “reckless spending”. In his place, they installed the former president of Radio Shack on the promise of “increasing shareholder value”.
The employees have walked out in protest, demanding that the old CEO be reinstated. Not only have customers pledged their support, but so have the governor and senators from both NH and MA. Several organizers were summarily fired- Top employees with 2, 4, and almost 5 decades on the job in key positions.
This is a battle for the soul of capitalism.
On one side, someone who built a business and created wealth.
On the other, those who want to strip mine it for quick profits.
And as usual, the employees are their human shields. This time they’re fighting back.
PLEASE pay attention to this.