Arthur T. Demoulas Completes Purchase Of Market Basket
A tumultuous year for Market Basket is coming to an end with Arthur T. Demoulas formally in charge of the company.
Demoulas and his family announced Friday that they have completed the purchase of the 50.5 percent of the company that was controlled by his cousin. Demoulas offered $1.6 billion in the buyout proposal in August.
Other details of the deal weren't disclosed.
The nearly century-old supermarket chain based in Tewksbury, Massachusetts, has 73 stores in Massachusetts, New Hampshire and Maine.
Demoulas was fired in June by a board controlled by his cousin, Arthur S. Demoulas; the two had long been at odds over control and direction of the chain. The ouster led to six weeks of worker protests and customer boycotts that nearly crippled the company.