….Get ready for higher prices and horrid customer service.
Apparently the family decided they weren’t rich enough, and so they fired the CEO who’d produced a successful business with employees who WANTED to stay long term, and his replacement has already made it clear that his goal is to wring as much money out of the company as possible. I can’t think of a single company I’ve worked for (retail and non-retail) where I’d have voluntarily gone on off the job in order to protest the removal of my CEO. If it was just a few employees I’d shrug it off, but the articles make it sound like its HUGE portions of the company. And he was not only encouraging employee loyalty he was doing it while keeping product prices low AND bringing in a profit. The company has already fired some workers, who are now suing, and the AG is keeping a close eye on things.
Previously I’d have said that Market Basket was an AWESOME example of how to treat your employees while still having a successful company, but now it looks like its a perfect example of how to run a company into the ground……
There are reports that the fired CEO is attempting to buy out the share owned by his brother, the new CEO, we shall see what happens!