TEWKSBURY, MA - After a summer of strife, the ordeal at Market Basket is over. On Friday, December 12th, the 50.5% controlling stake of the business formerly owned by Arthur S. Demoulas and his rival side of the family was officially sold to Arthur T. Demoulas.
"Arthur T. Demoulas and the Market Basket team remain fervently dedicated to our customers and our More For Your Dollar commitment to them," said David McLean, Market Basket Operations Manager. "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."
Because Market Basket is a privately owned company, specifics regarding the financial terms of the deal have not been publically released, according to NECN. It is known, however, that Demoulas offered $1.6 billion in his buyout proposal.
Since this sale was initially announced, Market Basket has opened three new stores and created 1,300 new jobs, according to NECN.
As someone who has followed the Market Basket story closely, I am glad to see this retailer officially putting an end to this unfortunate period in its history. It has been good to see Market Basket turn its attention back to its business operations and I will enjoy reading about its future plans as the industry moves into the future.
