TEWKSBURY, Mass. (AP) — 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.
In a statement issued late Wednesday, Market Basket said CEO Arthur T. Demoulas would be returning to the company. He was ousted in June by a board of directors controlled by his cousin, Arthur S. Demoulas. Hundreds of warehouse workers and drivers refused to deliver food to the chain's stores, leading to empty shelves and millions in lost revenue.
Arthur T. Demoulas reportedly made a $1.5 billion offer to buy out the part of the company his cousin controls. The purchase is expected to be completed within several months.
Market Basket has 71 stores in Massachusetts, New Hampshire and Maine.