TEWKSBURY, MA - It seems that Arthur T. Demoulas is tired of the infighting and protests that have torn his family's business apart over the past month, and has now moved to end them with an offer to buy-out control of Market Basket from his cousin Arthur S. Demoulas' side of the family. Currently Arthur S. Demoulas' group has a 50.5% controlling interest in the Market Basket chain of stores. This allowed them to fire Arthur T. Demoulas, Market Basket's former President and CEO, earlier this summer, but if his bid is accepted, Demoulas would be back and this time with control over the company consolidated under his side of the family. At the present moment, this might be the best shot Market Basket has had at peaceful executive leadership in years.
Although the official amount of the offer has not been disclosed to the public, early statements from the Arthur T. Demoulas camp signal that it was a sizable one.
“We believe that our offer is a very full and fair one and should meet or exceed a seller’s expectations of the value of the company,” the Demoulas statement read. “We care deeply about Market Basket and all of our associates and we want to work together to return the company to its successful model for serving our loyal customers. Those who received the offer need to consider the matter, so we are not in a position to comment further at this time.”
For the protestors who have been picketing and marching on Arthur T. Demoulas' behalf since his ouster, this offer is a dream situation.
“This is what we had hoped all along — that he would try to buy out the other half and we’d be done with these people all together and then we’d get back to work,” said Tom Gordon, a grocery supervisor with Market Basket who was fired for his part in the protests.
Arthur T. Demoulas shared with the Boston Globe how deeply the turmoil surrounding his family's business, and the empty shelves and displeased customers which have come with it, has affected him.
“This company is my passion,” Demoulas told the Boston Globe. “It’s the life’s work of my dad and myself and a lot of other people."
Arthur S. Demoulas' side of the family has not released any indication on how seriously they are considering this offer, if at all. Something will have to do done one way or another however to bring back peace to Market Basket. At least now those depending on the chain have something to place their hopes on.
To read more about the controversies surrounding Market Basket check out our previous article on the topic here.
