Ousted Market Basket CEO Makes Offer to Buy Company

Arthur T. Demoulas has made an offer with his side of the family to purchase the supermarket chain

(NECN: Katelyn Flint) – Amid protests, walk-outs and boycotts of the Market Basket supermarket chain, ousted Market Basket CEO, Arthur T. Demoulas, has made a bid to buy the company.

Arthur T., along with his side of the family, are looking to regain control of the company, offering to buy out rival family members.

A statement provides on behalf of Arthur T. reads, "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. 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.

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. Those who received the offer need to consider the matter, so we are not in a position to comment further at this time."

Arthur T. was fired about a month ago, after Arthur S. and his allies gained control of the company.

The ousting sparked a wave of reaction from employees who say they stand behind their former CEO.

Walk-outs and protests have left many store shelves empty, as signs and receipts from competing grocery stores are taped to the front of many Market Baskets.

As workers rally, customers say they are showing support by shopping elsewhere.

The new leadership has asked employees to return to work and give them a chance to earn trust.

Instead, a major rally of employees is scheduled for the Tewksbury, Massachusetts, location Friday morning.

The Market Basket board is expected to meet that day as well.

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