Arthur T. Demoulas Says Market Basket Could Cut Back On New Stores
CHELSEA (CBS) – Market Basket CEO Arthur T. Demoulas says the company may have to cut back on opening some planned new stores in the wake of taking on new debt.
Demoulas, who recently purchased a majority share of the company from his cousin Arthur S. Demoulas' side of the family, said the company would leave open the possibility of cutting back on opening several planned stores. The company is planning to open stores in Revere, Waltham, Athol, Littleton and Attleboro.
"We would like to think that at least two of those five stores will be able to get open before the years end. Most likely the Revere store will be first on that list," Demoulas said.
For now, the company's focus is on getting existing stores back to full capacity. Demoulas said the stores are 75-80 percent stocked as of Monday.
Demoulas also hinted at being a leaner company.
"What we plan to do is we plan to be as efficient and as productive as a company and an organization as ever," he said.
Demoulas also thanked workers for their patience during the company stalemate.
"We worked together for a long time in this organization. We're a hands on management team. Everyone is equal. We work together. We stay in touch with another as best we can. We try to be good to one another and help each other out," he said.
WBZ NewsRadio 1030's Anthony Silva reports
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