The three self-described "independent" directors of Market Basket's seven-member board yesterday repeated their demand for an end to the "standoff" by store employees supporting ousted CEO Arthur T. Demoulas, while an industry expert says he doubts the company can hold out much longer in its current state of impasse.
"We have a series of difficult business decisions to work out," the directors said in a statement. "However, there is no reason to continue to hold the 25,000 associates, 2 million shoppers and our local economies hostage to an ongoing business negotiation between shareholders.
"We must end this zero sum game and act in the best interests of our associates, customers — and in the end, our company," they added. "We are ready to meet. It's time."
A spokeswoman for Arthur T. had no immediate comment.
The three directors — Keith O. Cowan, Eric Gebaide and Ronald G. Weiner — last week called on him to return in run the company in a non-CEO capacity while he continued to pursue his stated intent to buy the half of the supermarket chain controlled by his rival cousin, Arthur S. Demoulas, and his allies.
Arthur T., who was fired in June by a board majority headed by Arthur S., rejected the proposal, dismissing it as "games" and "windowdressing."
Kevin Griffin of The Griffin Report of Food Marketing, a Duxbury-based trade publication for the food industry, said he doubts the standoff, which has left store shelves empty and driven away customers, can go on much longer.
"Every day that goes by, the company is losing its value, its market share and its reputation," Griffin said. "It's become a public spectacle, and the appetite for this is waning. This is a crisis situation. You have a company in free fall. I would encourage them to think about all the people who make their livelihood from this chain, and I would encourage them to get the deal done."
Last Thursday, thousands of part-time employees were told they would not be working this week because there is so little business at the chain's 71 stores.
Ann Dufresne of the Massachusetts Executive Office of Labor and Workforce Development, yesterday said she could not say whether any employees have filed for unemployment insurance.
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