Market Basket Finalizes Sale to Artie T. | NECN

Market Basket Finalizes Sale to Artie T.

The purchase of the 50.5 percent of the company that they didn't previously own was completed as of 1 p.m. Friday.

    processing...

    NEWSLETTERS

    (Published Friday, Dec. 12, 2014)

    Arthur T. Demoulas and his family have completed the acquisition of Market Basket, ushering in an end to a years-long boardroom family feud over the grocery chain's future, they announced Friday.

    The purchase of the 50.5 percent of the company they didn't already own was completed as of 1 p.m. Friday.

    A spokesperson for Arthur T. Demoulas said specifics about the financial terms of the transaction will not be released, since the company is privately owned. Demoulas offered $1.6 billion in the buyout proposal.

    Employees and customers of the New England supermarket chain staged protests and boycotts last summer after a family feud came to a head and beloved CEO Arthur T. Demoulas was ousted by his cousin. Artie T., as he is known to employees, bought back the company after the two sides reached an agreement in August.

    Since Arthur T. Demoulas' team returned to Market Basket on Aug. 28, three new stores have opened, 1,300 new jobs were created and employee bonuses were paid out.

    "Arthur T. Demoulas and the Market Basket team remain fervently dedicated to our customers and our More For Your Dollar commitment to them," said David McLean, Market Basket operations manager. "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."

    Market Basket operates 73 stores in Massachusetts, New Hampshire and Maine. Founded in 1917, it is based in Tewksbury, Massachusetts.

    For up-to-the-minute news and weather, be sure to follow us on Twitter and like us on Facebook. Sign up for our new breaking news email alerts by clicking here and download our free apps here.