Further Demoulas Issues May Hinder Expansion
In a letter to associates and customers, Market Basket’s Board of Directors addressed the status of future store developments. The Board of Directors has told management to proceed with the opening of the Attleboro, Massachusetts store, but also says that other projects, such as the Plymouth, Waltham, Revere, and Athol stores, have “issues that still need to be addressed and resolved by management,” according to a press release.
“In the coming year, consistent with our duties, we will provide counsel and oversight on the implementation of a growth strategy as it is presented to us by Arthur T. Demoulas and the management team,” the Board of Directors said in the letter. “It is our hope that, together, we can move forward in a collegial manner that will prove to be beneficial to all of Market Basket’s constituents.”
The construction stalls are due to the ongoing court disputes between Arthur T. Demoulas and other family members, led by Arthur S. Demoulas, who had gained majority control of the company’s board, according to Boston Globe. It is still unclear how the disputes could affect other real estate activities around the state.
Although the company is starting to make progress on building new stores, how long will these issues continue to hinder expansion into other planned cities?
Stay tuned to AndNowUKnow as we continue our coverage on the Demoulas disputes and Market Basket’s expansion.
