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Arthur T. Demoulas, the recently fired CEO of Market Basket, has released a statement addressing the tumultuous events enveloping the company, where employees have protested and called for his reinstatement and slowed down shipments from its warehouses to its stores to the point where the company has been virtually crippled - which has led to the firing of numerous management-level executives.

The statement reads:

“This is the first time I have commented publicly on the recent events at Market Basket. The success of Market Basket is the result of two things: a business model that works and the execution of it by a dedicated and impassioned team of associates. Their fierce loyalty to the company and its customers has always been deeply valued. In the final analysis, this is not about me. It is about the people who have proven their dedication over many years and should not have lost their jobs because of it. I urge that they be reinstated in the best interest of the company and our customers.”

The statement did not address Demoulas's own firing, which came as the result of efforts by Arthur T. Demoulas’s similarly-named cousin, Arthur S. Demoulas, to oust the CEO due to a conflict over the company’s finances. The fight is characterized differently by the two sides. The Arthur S. Demoulas faction argues that Arthur T. Demoulas spends money irresponsibly and refuses to take direction from the board. The Arthur T. Demoulas side maintains that his cousin is fueled by greed, only interested in raising prices, cutting employee compensation, and threatening the formula that has built the company to a New England success story.

Meanwhile, the Boston Globe reports that yesterday, "for the second time in four days, thousands of Market Basket employees flocked to Tewksbury to protest the firing of former Market Basket CEO Arthur T. Demoulas and demand his re-instatement.

"Leaders of the employee movement, who were fired by courier by the company’s current leadership late Sunday afternoon, said their fight must now head to the stores.There appeared to be growing momentum for a boycott of stores at the rally. Employees had previously encouraged customers to continue to shop, but organizers of the rally gave several minutes for state politicians to speak in support of a boycott, which they had previously endorsed over the weekend. The idea was met with cheers. More than 30 elected officials have signed on to the boycott proposal at this point."
KC's View:
Of course, it seems unlikely that the execs can or would be reinstated without Arthur T. Demoulas being given back the CEO job. And it is hard to know whether the backers of Arthur S. Demoulas are so entrenched in their positions that such a change is simply impossible. But if they don't do something, Market Basket may lose everything that the Demoulas family has worked so hard for … and it will be impossible to come back.