Market Basket Over $1 Billion Deal With Arthur T. Demoulas
TEWKSBURY, MA - It may have taken the intervention of two governors, the protests of thousands of employees, and a two month boycott, but news has finally broken that Market Basket has finalized a $1.6 billion deal with Arthur T. Demoulas. According to the New York Times, the deal which was finalized late Wednesday night, allows Arthur T. Demoulas to acquire his cousin's 50.5% stake in the company and reassume his former position as President and CEO of the retail chain.
“Words cannot express how much I appreciate each and every one of you,” Arthur T. said in a statement to the thousands of employees and Market Basket customers who have spent the previous months protesting on his behalf. “You are simply the best...As I stand here, there is very little that I could ever add to your brilliant work, your extraordinary display of loyalty, and the power of your enduring spirit over the past several weeks.”
The Boston Globe, after speaking with many employees, noted a strong sense of relief and happiness among the Market Basket faithful.
“I feel like we won the lottery!” said Frank DiMauro, an Andover Market Basket warehouse worker and 28 year veteran with the company.
“We did,” agreed Andy Lien, Director of the Perishable Warehouse in Andover. “We really did.”
Having covered this story extensively since Arthur T. Demoulas' initial firing this previous June, it is truly great news to see Market Basket finally putting this contentious period behind it and moving forward into a brighter, more peaceful future.
Even with Arthur T. back in control and customers and employees returning to the stores, challenges remain for the retailer. Months of barren shelves and negligible sales leave plenty of work to be done before Market Basket can justify the $3.2 billion valuation quoted in the New York Times on more than just potential. Arthur T. Demoulas is confident however that Market Basket has the foundation in place to more than get back on track.
According to an official company statement, Arthur T. Demoulas will be immediately reinstated “with day-to-day operational authority” until the deal is officially finalized. Current co-CEO's Felicia Thornton and James Gooch are to remain installed in their current positions until this time and will be working with Arthur T. Demoulas throughout the position period.
