Deal reached to sell supermarket chain to ex-CEO
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 will buy a majority stake in the business.
In a statement issued late Wednesday, Market Basket said popular CEO Arthur T. Demoulas would be returning and taking over day-to-day operations. 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.
Market Basket, known for its low prices, has 71 stores in Massachusetts, New Hampshire and Maine.