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tmiles 6 years, 5 months ago.
It is over……..finally……..
People are back to work after the fired ex-ceo bought the company. The biz news speculates that he had to pay a very high interest rate, although nobody except the inside really knows at this still private company. The worst word that I have heard is is, $1.5 bil at 8 or 9 pct, with a 1% up front fee. (and I’m still getting less that 1 pct on savings)
The only thing for sure is that it will be a case study at biz schools for years.
The competition is very busy. One chain had to bring in “6 to 8 hundred” extra workers from it’s out of state stores to keep up with demand. The business news says that the value of the company, except for real estate, will be down to almost nothing soon. The “good” former CEO is rapidly becoming the only choice to buy. The employees love the “good” former CEO because he treated the help like family. The family members who did NOT work at the company, got very little income from their $1 bil equity, and so were ticked off. I don’t see a “good” side or “bad” side here, but just a family in turmoil. I expect that employees, from executive to part time bagger will never get back to the good old days, and that the company will survive, in some form, as just another supermarket chain.
I grew up walking to Market Basket with my Mom.
The Market Basket Ed is talking about.
I do remember one of the good meals I had in Missisippi was at the deli counter in a Market Basket. For $3.99, I got a big, absolutely superb shrimp po’boy.
That must have been a different Market Basket, Ed. The subject Market Basket is a Massachusetts chain, with stores only in New England. I’m glad you had a good po’ boy, though. I’ve never had one up here. I’ve had great fried clams, shrimp, and oysters on bread/rolls, but it’s not the same, as down south.
I know that po’boys can be any kind of sandwich, but I’m partial to fried seafood, with a dripping of that great sauce that they use. A food truck, making real ones, could make a killing up here.
You got me thinking, tmiles. I found your chain listed online. Seems the DeMoulas family has their work cut out for them. I also found this one:
http://www.marketbasketfoods.com http://www.marketbasketfoods.com
which is the one I was thinking of, in TX and LA. I just had the location mixed up, I had thought I stopped at it before driving through NOLA, not after.
When I was growing up, we also had a Market Basket chain in CA. They are long gone.
Seems like no one ever bothered to trademark the name!
I do remember one of the good meals I had in Missisippi was at the deli counter in a Market Basket. For $3.99, I got a big, absolutely superb shrimp po’boy.
That must have been a different Market Basket, Ed. The subject Market Basket is a Massachusetts chain, with stores only in New England. I’m glad you had a good po’ boy, though. I’ve never had one up here. I’ve had great fried clams, shrimp, and oysters on bread/rolls, but it’s not the same, as down south.
I know that po’boys can be any kind of sandwich, but I’m partial to fried seafood, with a dripping of that great sauce that they use. A food truck, making real ones, could make a killing up here.
I do remember one of the good meals I had in Missisippi was at the deli counter in a Market Basket. For $3.99, I got a big, absolutely superb shrimp po’boy.
Obama’s fault.
Why was an obvious joke by a long time poster flagged as spam??
“Greed”” in business is NOT a good thing!
Not many things more destructive than a Family Feud that gets into a Business venture. These tend to be vertical (younger generation takeovers) more often than horizontal (Brother vs Brother), but either way the business loses. Don’t look for a quick recovery, if any recovery at all, in this case. Customers will choose up sides and fight the fight, long after the doors reopen.
Obama's fault.
Market Basket is a 50 (ish) store chain up here in Mass. A 20 yr family fight is now in the news. One side of the family has about 50.1 pct of the shares, and the other about 49.9. It a battle of 2 Authurs, Arthur S. and Arthur T. The majority side won in court and fired the long time CEO. Yesterday 10 THOUSAND employees and customers protested. The stores are empty and unstocked. They are private and do not release numbers, but a magazine reporter says that they have sales per sq ft, that chain wide are among the highest in the country. A typical Market Basket, he said, does about 3.5x what a Stop and Shop does. The “out” Arthur wants to buy the other half the he doesn’t own, but there are now lots of other potential bidders. I wonder if new management can rebuild loyalty?
What a mess. I feel for family members who just want to go back to celebrating holidays together. Even cut into many slices, a 3 to 5 BILLION dollar pie can feed a lot of family members for a long time.
[p]I was visiting my parents today and Mrs. English from across the street (neighbors since 1972) brought over some tomatoes from her garden. My wife sliced one for dinner tonight and said it was excellent, so as this is as close as we are to having a garden this year it’ll have to suffice.[;)][/p]
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