Amid protests and boycotts, ousted CEO offers to buy Market Basket
Amid protests and boycotts, ousted CEO offers to buy Market Basket
Since Arthur T. Demoulas, now former president and chief executive officer of Market Basket, was fired by the company's board of directors — which is headed by his cousin Arthur S. Demoulas — there have been resignations, protests, related firings, boycotts called for by political leaders and now another interesting turn of events: The former CEO, who owns 49.5 percent of the company, has made an offer to purchase the remaining shares of Market Basket.
"The Arthur T. Demoulas side of the family has made an offer to buy the 50.5 percent of shares in Demoulas Market Basket Supermarkets we do not own," he said in a statement released one month after his June 23 firing. "We believe that our offer is a very full and fair one and should meet or exceed a seller's expectations of the value of the company."
Customer and employee support for Arthur T. has led to resignations and protests, with another rally scheduled for Friday, July 25. More than 2,000 supporters held a rally July 18 outside the company's headquarters, and employee unrest has left many of the stores unable to be restocked.
"We care deeply about Market Basket and all of our associates and we want to work together to return the company to its successful model for serving our loyal customers," Arthur T. said in the statement. "Those who received the offer need to consider the matter, so we are not in a position to comment further at this time."
The chain, based in Lowell, MA, has 71 supermarkets in New Hampshire, Massachusetts and Maine.