The Market Basket saga ended in triumph for forced-out former CEO Arthur T. Demoulas and his headstrong supporters, as the beloved grocery titan reached a deal worth more than $1.5 billion with his rival relatives last night that will see him immediately assume control of the beloved 71-store chain his family founded.
“The shareholders and the Company would like to thank Market Basket customers and partners for their strong support through the years,” Arthur T. Demoulas announced in a statement after the deal was reached. “Our shared goal is to return Market Basket to the supermarket that its customers have come to rely on.”
The chain, worth $4 billion before Arthur T.’s June 18 firing touched off a customer boycott, looked to be dying on the vine as it racked up millions in losses and shelves were left empty due to a halted supply chain.
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