Demoulas completes a $1.6 billion deal to buy out his rival cousin and take control of the Market Basket grocery chain, bringing an end to the battle that began in June. Under the deal, he acquires 50.5 percent of the family company and takes back the CEO title.
I remain in awe of what unfolded this summer and want to extend my deepest thanks to our customers, associates, vendors, and the communities we serve for their incredible support. Without them, this would not have been possible.
Thousands of workers and customers rally in front of a Tewksbury Market Basket to pressure new leaders into reinstating ousted CEO Arthur T. Demoulas. Deli manager Jeremy Webster is confident the board of directors will cave to public pressure.
We’re going to win this. The board of directors needs to understand, we’re not going to stop until we get what we want and Arthur T. is the one that we want as the owner of this company.
Eight managers fired last month after a rally calling for the reinstatement of Arthur T. Demoulas, prepare to sue Market Basket for wrongful termination. Douglas Louison, an attorney for the managers:
This was an intimidation attempt to show this could happen to everyone else.
Following the firing of eight Market Basket managers, Arthur T. Demoulas releases a statement urging their reinstatement.
This is the first time I have commented publicly on the recent events at Market Basket. The success of Market Basket is the result of two things: a business model that works and the execution of it by a dedicated and impassioned team of associates. Their fierce loyalty to the company and its customers has always been deeply valued. In the final analysis, this is not about me. It is about the people who have proven their dedication over many years and should not have lost their jobs because of it. I urge that they be reinstated in the best interest of the company and our customers.
Market Basket fires eight managers, including some with more than four decades of service, after they went to a rally in support of ousted CEO Arthur T. Demoulas. A statement from the company reads:
Their actions continued to harm the company, negatively impacted customers, and inhibited associates’ ability to perform their jobs.
Executive employees post signs inside and outside company headquarters in support of ousted CEO Arthur T. Demoulas and issue a “non-negotiable” demand that he be reinstated. Steve Paulenka, a 40-year Market Basket veteran who supervises facilities and operations:
Arthur T. comes back. That’s it.
Employees at the Burlington Market Basket, north of Boston, issue a pamphlet titled, “We are Market Basket and we need your help.” to all the customers, in an attempt to rally the customers into joining them in their effort to bring back Arthur T. Demoulas as CEO. Front-end manager John Garon, employed with Market Basket for over a decade, fears the motives of the new leaders.
All our jobs are in danger. We have no idea what their true goals are.
The board of directors for the Market Basket group votes to oust Arthur T. Demoulas as CEO. He is the largest individual shareholder with 696.5 equity shares, or approximately 14.1 percent of the company. The remainder of the shares are owned by his cousins and sisters who look to cash out.
The board of directors of Demoulas Super Markets on Monday appoints Felicia Thornton and James “Jim” Gooch, as Market Basket’s chief operating officer and chief administrative officer, respectively.
The Board believes this new management team will enable Market Basket to maximize its potential and pave the way for continued success in the future.