A Big Week for Market Basket, Purchase is Complete

By Jason Claffey (Patch Staff)

The purchase of Market Basket is complete.

CEO Arthur T. Demoulas, who regained control of the company following a bitter, months-long feud with its board, announced Friday he and his family now have 100 percent ownership of the company.

The grocery chain’s 25,000 workers organized an unprecedented protest movement this summer after Demoulas was ousted. They were ecstatic after Demoulas agreed to buy out the company for $1.5 billion.

“Arthur T. Demoulas and the Market Basket team remain fervently dedicated to our customers,” David McLean, Market Basket’s operations manager, said in a statement Friday. “We eagerly embark on this new chapter for the company, and expect steady growth in both the near and long term.

“The world witnessed just how incredible our customers and associates are and the rock-solid commitment we have to our ‘people first’ culture.”

Over the last two months, Market Basket has opened new stores in Littleton, Revere, and Waltham—bringing its total to 73 locations spread across Massachusetts, New Hampshire, and Maine.

The company said it recently added 1,300 new jobs and awarded $49 million in holiday bonuses.

Demoulas did not provide financial specifics about the purchase agreement, though he did say the loan package included participation by “many New England-based banks.” The company also took advantage of low interest rates.

Market Basket is based in Tewksbury. It was founded in 1917.

Photo credit: Market Basket