The contingency plan announced last night by our brilliant Board members has the company being “saved” by shuttering 61 stores, firing the workforce, crushing vendors and raising the unemployment claims in two states in order to keep Market Basket solvent. These same men who fired ATD, Bill Marsden and Joe Rockwell then brought in F&G are now ready to blow the whole place up.

Rather than taking the reins in the negotiation process in order to right the multiple wrongs which have led to this crisis, they have opted to pull their heads into their shells and call it a day. Every single decision they have made since being appointed to our board has been harmful to the company and these poor decisions have led to this contingency plan of closing 61 stores and firing most of the associates, brilliant!

We can only assume that these men, while trying to referee the negotiations between the A’s and the B’s, have been taking every opportunity to cover their hides from potential litigation due to their decisions. If they focused all of that energy on getting the sale done perhaps we’d have had a deal in place a week ago, but they are too weak and self centered for that to have been the case. Instead we have them closing 61 stores so that they can say they have kept the company afloat and thereby kept to their fiduciary responsibility. What a joke.

You men have an opportunity here to do the right thing by finalizing the sale of the company to ATD and bringing him and his management team back in charge during the transition from now until the closing of the sale. Forget your contingency plan and focus your energies on getting this done, that is where your fiduciary responsibilities lie and that is where they will do the most good for our customers, associates, business partners, communities we serve and the economies of both MA and NH.

All of our stakeholders need to get on the web and phones today to contact both Governors and the independent Board members.We need to let these people know that we won’t stand for the closing of 61 stores and firing of associates.

Governor Patrick 617.725.4005    http://www.mass.gov/governor/constituentservices/contact/#email

Governor Hassan 603.271.2121    http://www4.egov.nh.gov/nhgovernor/comments.asp

Ron Weiner     ron@pwcpa.com

Keith Cowan   keith.cowan@gmail.com

Eric Gebaide    efgebaide@yahoo.com




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