U.S. Senator Elizabeth Warren (D-Massachusetts) has watched as supermarket chain Market Basket has lost millions of dollars a day over customer boycotts and is blasting executives for showing such disregard for it's 25,000 employees.
Warren says she wishes Massachusetts Governor Deval Patrick and New Hampshire Governor Maggie Hassan good luck as they try to help broker a deal between the feuding family members, but says she herself has no plans of getting involved.
"This is one... As I've said, where the management has shown an astonishing willingness to destroy value in this company and to turn people's lives upside down and until they have the idea that they're part of a community and trying to build something of value going forward - then you know, it's pretty tough to get this one back on track," Warren said.
The problems at Market Basket began in June when Arthur T. Demoulas was fired as CEO by his cousin Arthur S. Demoulas. Employees reacted by walking out and customers have joined the boycott.
After hours of negotiations Sunday with the two governors, company executives reportedly agreed to hold off on firing employees or closing stores while discussions continued. Meanwhile, Arthur T. continues to try and buy 50.5 percent of the chain from the Arthur S. faction.
The Boston Globe also reports the Hannaford supermarket chain has spoken to Arthur T. about managing the company if it is able to buy Arthur S.'s shares.
When asked to confirm that report, Hannaford would only say, "Our policy is to not to comment on rumors or speculation regarding plans to acquire or divest businesses."
"I'd like to see this thing resolved. I'd like to see it resolved in a way that really permit the employees to go back to doing what they did so well," Warren said.
Warren was holding a roundtable on veterans issues in Framingham on Tuesday with Congresswoman Katherine Clark, who is also hoping for a Market Basket break through soon.
"I know it's where I see almost everyone in my neighborhood, is at the Market Basket and it's really a loss for our community, so I'm very hopeful that the intervention of the two governors will get them to the place where we can move forward, rebuild the brand and get these stores open and people back to work," Clark said.