Years of reported infighting came to a head June 23, when Market Basket’s board of directors fired Arthur T. Demoulas, president and chief executive officer. Weeks of employee and customer protests brought him back into the fold, and now he has completed his acquisition of the company.
Demoulas and his family announced that as of 1 p.m. Dec. 12, they have completed the purchase of the 50.5 percent of the Demoulas Supermarkets Inc. that they did not previously own, and now have 100 percent ownership of the Market Basket grocery store chain.
Newly opened Market Basket locations in Revere, Littleton and Waltham, MA, over the last 60 days bring the chain’s total tally to 73 stores.
Since the team led by Demoulas returned to Market Basket on Aug. 28, there have been significant changes: sales and customer counts have been higher than last year; three new stores opened in the past six weeks; 1,300 new jobs have been created; and an employee bonus of $ 49 million was shared this week with associates, including full and part-time Associates.
“Arthur T. Demoulas and the Market Basket team remain fervently dedicated to our customers and our More For Your Dollar commitment to them,” David McLean, Market Basket operations manager, said in a press release. “We eagerly embark on this new chapter for the company, and expect steady growth in both the near and long term. The world witnessed just how incredible our customers and associates are and the rock solid commitment we have to our ‘people first’ culture.”