WALTHAM, Mass. — The beloved head of Market Basket losing a court battle to a Delaware judge. The judge ruling his firing is valid.
A court case out of Delaware deciding the fate of the beloved Market Basket President and CEO, Arthur T. Demoulas.
“From what I’ve heard he was a good guy, and he treated his employees well,” one shopper told Boston 25 News.
The judge siding with Market Basket’s Board of Directors, a board that includes Demoulas’ three sisters.
“Its too bad families can’t get along,” Carol Reardon, a longtime Market Basket shopper, said.
The court documents explaining the board’s decision to fire Demoulas last spring.
“They rationally concluded that the CEO was getting ready for a fight. Believing in good
faith that another walkout and boycott would be disastrous for the company, they
took action."
The judge determining Demoulas didn’t prove his case against the board.
“Arthur had the burden at trial to prove that a majority of the Current Directors
acted in bad faith. He failed to carry his burden," the judge concluded.
“I felt bad for him. I hope he does an appeal,” Reardon reacted.
While faithful shoppers say they do feel for the Market Basket great, this round of the family’s fall out hasn’t been too reminiscent of 2014.
It was in 2014, the community rallied behind Artie T. in large numbers, to the point many wouldn’t shop at Market Basket without him in charge.
“I mean this is where I shop. They are the cheapest, so just keep the low prices,” another shopper explained.
“The prices are good and their food is really good,” Kailey Goulet added.
The board of directors, putting the battle behind them, writing in part, “Market Basket will continue to be a family-owned and operated business, offering the lowest prices and best value for customers, creating good jobs with profit sharing for associates, and supporting its customers and communities—well into the future.”
Though they went on to thank him for all he’s done, Demoulas said in a separate statement; he was prepared for the uphill fight.
“Arthur T. Demoulas filed his response to the Board’s lawsuit knowing there were high hurdles given the broad latitude Delaware courts give to Boards of Directors. Market Basket is an incredible success by every measure. As his father before him, the late Telemachus A. Demoulas, Arthur T. has devoted his entire working life to building and growing Market Basket in a way that has brought benefit to all stakeholders – its Associates, its customers, the communities that Market Basket serves, and its shareholders.”
The board says Demoulas remains an important shareholder and says they will be working with him into the future.
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