Market Basket Sold to Arthur T. Demoulas

By Liz Taurasi

A month and a half after it started, Market Basket workers got what they fought so hard for—Arthur T. Demoulas is back at the helm of the supermarket chain.

The remaining 50.5 percent shares of the company were sold to former CEO who was ousted in June when a majority of the company’s board shifted in support of Arthur T.’s cousin and rival, Arthur S. Demoulas. The deal was signed at a board meeting tonight where Arthur T. agreed to buy out the other shareholders for more than $1.5 billion.

He released this statement:

“Market Basket and its shareholders are pleased to announce today that the Market Basket shareholders have entered into a binding agreement pursuant to which the Class B shareholders will acquire the 50.5% ownership interest of Market Basket currently owned by the Class A shareholders.

Effective immediately, Arthur T. Demoulas is returning to Market Basket with day-to-day operational authority of the company. He and his management team will return to Market Basket during the interim period while the transaction to purchase the Company is completed. The current Co-CEO’s will remain in place pending the closing, which is expected to occur in the next several months.

All Associates are welcome back to work with the former management team to restore the Company back to normal operations.

The shareholders and the Company would like to thank Market Basket customers and partners for their strong support through the years. Our shared goal is to return Market Basket to the supermarket that its customers have come to rely on for service, quality and best prices. We look forward to seeing you at your local Market Basket.”

The announcement that the deal has been finalized comes nearly two weeks after Arthur T. made his initial bid and five days since he submitted his final bid on Friday.

The agreement marks the end of a long, hard won fight by Market Basket employees, and the beginning of rebuilding the supermarket chain’s brand and bringing back its loyal customer base.

For almost two months, employees of the Massachusetts-based Market Basket supermarket chain have been protesting the ouster of their beloved CEO standing firm in their beliefs that together with the company they built one of the greatest business models in the country.

It came at a cost.

An unprecedented show of solidarity by employees, managers and customers of the relatively small supermarket chain has made headlines locally and nationally. A work stoppage and boycott by employees and customers crippled the company costing owners upwards of $10 million a day in lost sales. Despite multiple deadlines being set by CEOs for employees to return to work or be fired, they stayed the course in a show of support for ousted CEO Arthur T. Demoulas.

All that work paid off, in the end.

The key to the future, according to many people watching the fight between cousins, will be rebuilding the chain to what it once was. However, customers, appear to be excited about the development.

Just minutes after the announcement, the DeMoulas aka Market Basket Fan Site on Facebook, which has more than 40,000 likes, had hundreds of likes and shares on the announcement.

Tony Schinella contributed to this report

Photo: Arthur T. Demoulas. Courtesy.