The Boston Globe reports that Market Basket, having moved beyond the ownership struggles that made it headline news during the summer months, has "resumed the break-neck pace that has made Market Basket such a striking success in the supermarket industry. Sales are up strongly, and the company is poised to open five new stores over the next several months and hire more than 1,000 employees."
The stores are being opened as Arthur T. Demoulas works to conclude the deal that will have his side of the family acquiring the business from the side of the family represented by Arthur S. Demoulas for $1.6 billion - a sum that some thought would leave the company unable to expand because of the requirement that it service the debt created by the acquisition.
The stores are being opened as Arthur T. Demoulas works to conclude the deal that will have his side of the family acquiring the business from the side of the family represented by Arthur S. Demoulas for $1.6 billion - a sum that some thought would leave the company unable to expand because of the requirement that it service the debt created by the acquisition.
- KC's View:
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One of the things that Market Basket is trying to do is regain the momentum it lost during the summer, which is partly a matter of reality and partly a matter of perception. The comments the company makes about having completely recaptured all its pre-controversy sales fall, I suspect, into the latter category. I've heard from some pretty good sources that retailers that gained sales when Market Basket was in turmoil have kept some of those sales, so there is a bit of suspicion that Market Basket could be dealing in a bit of hyperbole.
