A tumultuous year for Market Basket is coming to an end with Arthur T. Demoulas formally in charge of the company.
Demoulas and his family announced Friday that they have completed the purchase of the 50.5 percent of the company that was controlled by his cousin. Demoulas offered $1.6 billion in the buyout proposal in August.
Other details of the deal weren't disclosed.
The nearly century-old supermarket chain based in Tewksbury, Massachusetts, has 73 stores in Massachusetts, New Hampshire and Maine.
Market Basket is looking to new customers as well as old as it begins its recovery from a six-week employee walkout and customer boycott.
Store managers of the New England supermarket chain say they are seeing a lot of new faces in the food aisles since the board of directors agreed to sell the company to its ousted leader, Arthur T. Demoulas.
Employees have been working around the clock to restock store shelves. Managers say they expect to be nearly fully stocked this weekend.
The turmoil at Market Basket actually dragged down U.S. jobs numbers last month.
In the August jobs report issued Friday by the Bureau of Labor Statistics, “employment disruptions at a grocery store chain in New England” is cited as having an impact on food and beverage employment numbers nationwide.
Originally published on Fri August 29, 2014 9:46 am
How does a deal like the $1.5 billion buyout of Market Basket work? What did it take Arthur T. Demoulas to gain total control of the 71-store supermarket chain from warring relatives? It was complicated — from start to finish.
This supermarket standoff has attracted national attention for its unlikely coalition of customers, workers, managers, and suppliers organizing against top executives, while traditional unions have been on the sidelines. We're looking at how these events fit into the changing landscape of organized labor, and where unions may be headed next.
Originally published on Tue August 26, 2014 10:05 am
Market Basket employee Karen Bostwick, of Tewksbury, has filed a charge with the National Labor Relations Board, contending current Market Basket management is “violating the right to picket and strike.”
The governors of Massachusetts and New Hampshire are stepping up efforts to broker a deal to bring the Market Basket standoff to an end.
Massachusetts Gov. Deval Patrick and New Hampshire Gov. Maggie Hassan actively participated in negotiations Sunday with feuding cousins Arthur T. Demoulas and Arthur S. Demoulas as well as several other shareholders.
The grocery store chain has 71 stores, all but one in Massachusetts and New Hampshire.
A Patrick spokeswoman says the "the parties have made real progress" and are encouraged that a "resolution may be within reach."