Market Basket agrees to sale, Arthur T. Demoulas to return
Market Basket agrees to sale, Arthur T. Demoulas to return
After several weeks of employee and customer protests as well as the firing of several high-ranking officers, Market Basket and its shareholders announced that they have entered into a binding agreement in which recently ousted Chief Executive Officer Arthur T. Demoulas and other Class B shareholders will acquire the 50.5 percent ownership interest of Market Basket currently owned by the Class A shareholders, led by Arthur S. Demoulas.
Effective immediately, Arthur T. 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. James Gooch and Felicia Thornton, the current co-CEOs, will remain in place pending the closing, which is expected to occur in the next several months.
The chain, based in Lowell, MA, has 71 supermarkets in New Hampshire, Massachusetts and Maine. Over the past few weeks, lack of product and customers has reportedly caused the company to lose millions of dollars in sales.
A statement from Arthur T. noted that 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," Arthur T. said through a spokesperson. "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."