Report: Market Basket CEO faces termination by family-run board
Boston — A report by the Boston Globe revealed that the fate of Market Basket CEO Arthur T. Demoulas lies in the hands of the grocery chain’s board of directors, as members are posted to fire Demoulas at a meeting of the board next week.
A longtime family feud has split the board in two, and both sides of the family-owned Demoulas Super Markets Inc. will face off in a meeting on Thursday, July 18, to determine whether or not Demoulas will be removed from office.
According to the Globe, the latest dispute in the 20-year battle involves accusations by a first cousin – who leads the controlling group on the board — that Demoulas steamrolled directors and spent money recklessly.
Demoulas, 58, has disputed the allegations, and has fired back with his own assertions that his familial opponents have pushed for the company to borrow heavily in order to finance payouts to shareholders of more than $1.5 billion.
The matter is being heard in Suffolk Superior Court.
Shoe Carnival to open 12 stores in 11 cities
Evansville, Ind. — Value-priced footwear retailer Shoe Carnival will grand-open 12 stores in 11 different cities in July, bringing its store count to 367 stores in 32 states and Puerto Rico.
“We are excited to be growing rapidly across the country,” said Todd Beurman, senior VP marketing. New stores will open in: Cedar Rapids, Iowa; Charlotte, N.C.; Chicago; Lansing, Mich.; St. Louis; Greenville, N.C.; Cincinnati; Atlanta; Phoenix; Louisville, Ky.; and Grand Rapids, Mich.
Survey: Most parents to spend $100+ per child on back-to-school
Austin, Texas — Research results released Thursday by coupon site Offers.com found that 67% of U.S. parents with school-aged children plan to spend more than $100 per child on back-to-school shopping this year.
The survey, conducted online by Harris Interactive, also revealed that 97% of parents who plan on doing back-to-school shopping this year are looking for deals to help them save money on back-to-school items.
When asked how much they plan to spend per child this year on back-to-school items, parents with school-aged children revealed the following:
- 21% will spend $1-$100
- 22% will spend $101-$200
- 21% will spend $201-$300
- 8% will spend $301-$400
- 16% will spend more than $400
- 4% won’t spend anything
- 8% are not sure what they are spending
When asked to select items for which they are looking for deals, 85% said they are looking for deals on clothing and 80% are looking for deals on shoes. Sixty-eight percent are looking for deals on school supplies, and 21% are looking for deals on a computer/tablet.
Among other key findings:
- 47% plan to do their back-to-school shopping in August;
- 78% plan to shop in-store, as opposed to online; and
- 15% of single parents plan to shop online for back-to-school items, while only 5% of married parents plan to do their shopping online.