Gov. Hassan Praises Market Basket Deal That Reinstates Arthur T. Demoulas

Aug 27, 2014

Governor Maggie Hassan talks with workers at Market Basket in Concord
Credit Brady Carlson/NHPR

Governor Maggie Hassan praised a deal reached late Wednesday night that has former CEO Arthur T. Demoulas taking majority control of the embattled grocery chain.

In the deal announced by Market Basket’s shareholders, Demoulas purchased the company for more than $1.5 billion.

It brings to an end an epic family feud that brought the New England grocery chain to its knees.

In a joint statement with Massachusetts Governor Deval Patrick, Hassan said she’s “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.”

It was back to business as usual at the Hooksett store Thursday.

Rachel Spada works at the Hooksett store and says she’s thankful for the support of customers during the dispute.

“People chose not to shop here and they could have. We were out of some things, but they could have kept coming in. But a lot of people…most of the people stayed away for us to bring back Artie T. And that’s amazing.”

In the deal, Demoulas and his siblings will purchase the 50.5 percent of the company owned by his cousin Arthur S. Demoulas and other relatives.

For more than a month, workers have been protesting the ouster of Demoulas, demanding his return. Customers have boycotted and sales have plummeted at the chain’s stores, including its nearly 30 locations in New Hampshire.

Text of the full statement released Wednesday:

Market Basket and its shareholders are pleased to announce today that the Market Basket shareholders have entered into a binding agreement pursuant to which the Class B shareholders will acquire the 50.5% ownership interest of Market Basket currently owned by the Class A shareholders.

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.

All Associates are welcome back to work with the former management team to restore the Company back to normal operations.

The shareholders and the Company would like to thank Market Basket customers and partners for their strong support through the years. Our shared goal is to return Market Basket to the supermarket that its customers have come to rely on for service, quality and best prices. We look forward to seeing you at your local Market Basket.