Please do not leave this page until complete. This can take a few moments.
The epic feud between Market Basket shareholders that ignited a company-wide boycott came to an end Wednesday night when the rival relatives reached a deal to sell a majority share of the company to ousted CEO Arthur T. Demoulas for $1.5 billion.
The Boston Globe reported that the Massachusetts-based chain — with 71 stores in New England, including one in Maine — could take a few weeks to return to normal operations because of the need to re-establish ties with vendors who stopped supplying the embattled company during the employee and customer boycotts.
Under the deal approved by Market Basket’s board of directors, Arthur T. and his relatives will buy the 50.5% share of the company owned by his cousin, Arthur S., and his side of the family for $1.5 billion. Arthur T., who was already the company’s minority shareholder, will also return to his role as CEO and have the ability to rehire his old management team.
However, Arthur T. will have to work alongside the company’s current co-CEOs, Felicia Thornton and James Gooch, until the deal closes — which will take several months.
“Effective immediately, Arthur T. Demoulas is returning to Market Basket with day-to-day operational authority of the company,” the company said in a statement. “All associates are welcome back to work with the former management team to restore the company back to normal operations.”
Arthur T. was fired by Market Basket’s board in June because it said he was overspending and failing to follow board directives. The ouster prompted a company-wide boycott, which left many stores, including the one in Biddeford, with empty shelves. The boycott also interrupted the supermarket chain’s plan to open more stores in Maine.
Market Basket, which owns 70 supermarkets in New Hampshire and Massachusetts, opened its first Maine store in Biddeford last August. The grocery chain's entry into Maine had been projected to drive down prices in competing stores as more non-traditional stores vie for the food-purchasing dollars of grocery shoppers, as reported by Mainebiz.
Read more
Maine grocers squeezed by market newcomers
The Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Learn MoreWork for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Learn MoreFew people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
Comments