Market Basket employees "chomping at the bit" to get back to work are hoping a bid by ousted CEO Arthur T. Demoulas to buy the embattled supermarket chain will be inked this weekend, although a food industry expert said it may be too late to save the business.
"I don't think it would have made a difference if they inked the deal two weeks ago. I think it is too late," said David J. Livingston, a supermarket research analyst. "I think the company has been permanently damaged by this family feud and I don't think they're going to bounce back. If they do come back, it will take years for them to recover from this."
Gov. Deval Patrick and New Hampshire Gov. Maggie Hassan released a statement Friday saying they were optimistic that the ongoing saga between Arthur T. and his rival cousin, Arthur S. Demoulas — who have been at odds over the future of the 71-store grocery chain that has hemorrhaged millions of dollars a day since the employee walkout and customer boycott began — would soon come to an end and that "an agreement will be reached to sell the company to Arthur T. Demoulas and to restore him to operating authority on an interim basis until the sale closes."
Kevin Feole, store director at the Chelsea Market Basket, said he and other employees are "anxiously awaiting news about the deal" and "can't wait to get back to normal."
"We've been high and low and high and low like a roller coaster ride. We keep hearing that news is going to break and then it doesn't, so rather than get up on a high, we're just waiting optimistically," Feole said. "Everyone is chomping at the bit to get back to work."
Kevin Griffin, publisher of The Griffin Report of Food Marketing, said he expects a deal will be finalized in the coming days — though he pointed out returning to business as usual would be a "monumental task."
"If a deal gets done, we will be looking at a fast and furious rush to get back to normal and that is going to take a little while," he said. "Arthur T. has a first-class team, they're very lean, they know their stuff and I think that if anybody can do it, they can."
Glenn Connors, store director at the Brockton Market Basket, said employees were "cautiously optimistic" but stressed that "nothing will change until we hear from Arthur T. Demoulas that the deal is done and he wants everybody to get back to work."
"Once we get all the pieces back together, we're going to be rolling," he said.
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