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MARKET BASKET DEAL: CEO Arthur T. Demoulas will return and take over day-to-day operations [View all]
http://www.tauntongazette.com/article/20140828/NEWS/140826792/1994/NEWSMARKET BASKET DEAL: CEO Arthur T. Demoulas will return and take over day-to-day operations
TEWKSBURY — A New England supermarket chain that has been in turmoil for weeks over a workers' revolt and customer boycott has announced that the former CEO is buying the company from rival relatives.
Market Basket said in a statement late Wednesday that former CEO Arthur T. Demoulas would be returning to the company and that he and his management team would handle day-to-day operations while the purchase is completed.
Arthur T. Demoulas has reportedly made a $1.5 billion offer to buy out the part of the company controlled by his cousin, Arthur S. Demoulas.
The company's two current CEOs, Felicia Thornton and Jim Gooch, are to remain in place until the deal is closed, the statement said. The closing is expected in the "next several months."
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