Market Basket to Cut Hours, Boycott Continues and Another Company Shows Interest in Purchasing Supermarket Chain

With business down 90 percent since the work stoppage began last month, employees are seeing the effects, but holding firm in their beliefs.

Robert Gates, Patch Staff

Posted Thu, Aug 7, 2014 at 8:38 am ET

By Liz Taurasi

Market Basket workers are starting to feel the effects of their efforts, but not in the way they originally hoped.

Nearly a month into their work stoppage when employees banded together in the hopes of bringing back former CEO Arthur T. Demoulas, workers are feeling the pinch of losing wages, stores cutting back hours and now there’s word another supermarket chain has made a bid for the 71 stores, all while Arthur T.’s offer to buy the remaining shares in the company is still on the table.

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The Boston Globe is reporting an unidentified supermarket company is a serious bidder to buy the Market Basket chain and they are willing to acquire all or part of the business. Arthur T. and his shareholders currently own 49.5 percent of the company and have made a bid to purchase the remaining 50.5 percent. Which means anyone interested in purchasing the chain would only have a minority stake of the company.

Over the weekend, Arthur T. issued a statement offering to come back to workwhile the offer is being negotiated to help stabilize the chain which has lost substantial business following the work stoppage and lack of product forcing Market Basket faithful to go to other markets for their shopping needs. His offer to come back to help was denied.

Find out what's happening in Swampscottfor free with the latest updates from Patch.

Market Basket employees were ordered back to work Monday or face being replaced. The same day job fairs were starting -- three in total this week (two for existing employees and one for the general public). Employees banded together once again to protest these hirings each day of the job fair and upwards of 15,000 gathered for another rally in Tuesday in Tewksbury.

It’s not known how the company’s search for replacement workers is going, but the Boston Herald is reporting the company also advertised an email address for any applicants interested in positions, but not willing to face the protesters at the job fairs.

Citing an internal memo sent by Market Basket co-CEO Felicia Thornton, WHDH, 7-News is reporting Market Basket stores will be cutting back worker hours to deal with the loss of business as customers are shopping elsewhere, in a combination of employee support and the lack of product throughout the chain since the work stoppage began almost a month ago. Sources told the television station that since the boycott, sales throughout the chain are down 90 percent.

More of Patch’s Ongoing Market Basket Coverage:

LIVE UPDATES: Market Basket Employees Rally Tuesday

Arthur T. Demoulas Offers to Return to Work, Help Stabilize Business As Soon As Sunday Night

Market Basket Employees to Rally, Executives to Sue, Middle Managers Not Paid

Market Basket Takes Out Ads, Plans Job Fairs Next Week

Market Basket Customers to Arthur S: Take Your Cash and Go

AGs Warn Market Basket About Employment Laws

Market Basket CEOs Tell Employees Return to Work or Be Replaced

Arthur T.’s Bid to Buy Market Basket Only One on the Table

Market Basket Board to Meet Monday Night

Market Basket Board Confirms Arthur T. Offer, Reaffirms Choices

Overnight Market Basket Workers Sue Company