The battle of the heirs of the Market Basket chain appears to be coming to a head this week as one side of the family battles for control over one of New England’s most successful grocery chains, according to the Lowell Sun.'
The board of directors is scheduled to meet on July 18, to vote to oust CEO Arthur T. Demoulas, a son of one of the founders, who has been in control of the company since 2008. The fight is being led by Arthur S. Demoulas, the cousin of the CEO, who is also a son of one of the founders.
The latest action has consumer advocates and supporters of employees worried about their future. An online “Save Market Basket” petition was recently created urging three of the board members to back Arthur T. Demoulas as CEO, who has reportedly worked to expand the chain, hire more people, preserve profits, while not taking on corporate debt.
The petition noted that the store chain is “a way of life” for thousands of loyal consumers. It fears that if Arthur S. Demoulas is able to get control of the company, it will be sold and prices could go up for consumers.
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The family has made headlines over the years about who controls the company, including claims and counter-claims, as well as lawsuits.
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