Arty T. strikes $1.5 billion Market Basket deal to take over ownership
A $1.5 billion deal was reportedly reached Wednesday to sell the embattled Market Basket chain to fired CEO Arthur T. Demoulas, ending more than two months of protests over his ousting, a spokesman for Demoulas said.
“Effective immediately, Arthur T. Demoulas 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. The current Co-CEO’s will remain in place pending the closing, which is expected to occur in the next several months,” the statement said.
It went on to say that all associates are welcome back to work with the former management team to restore the company back to normal operations.
The sale comes after weeks of closed door negotiations that went on as hundreds of Market Basket workers staged strikes, bringing the grocer’s business to a near halt.
Following the announcement, Market Basket employees and customers reportedly gathered in celebration outside the company’s Tewksbury headquarters.
Massachusetts Governor Deval Patrick and New Hampshire Governor Maggie Hassan released a joint statement around 11:30 p.m. Wednesday expressing relief that the turmoil had come to an end.
The statement read:
“Market Basket is a major employer in Massachusetts and New Hampshire, and an important local resource for the communities the company serves. We are delighted that the parties have reached agreement on terms of sale and resolution of operating authority, so that employees can return to work and customers will once again be able to rely on these stores to meet their needs.”