BOSTON (CBS) – A deal to sell supermarket chain Market Basket to Arthur T. Demoulas has been signed.
The deal, which is for more than $1.5 billion, was reached at a board meeting Wednesday night. The agreement will take months to formally close, and Demoulas will have to work with the current chief executives until the deal is finalized.
“Effective immediately, Arthur T. Demoulas is returning to Market Basket with day-to-day operational authority of the company,” Market Basket said in a statement Wednesday night. “He and his management team will return to Market Basket during the interim period while the transaction to purchase the Company is completed. The current Co-CEO’s will remain in place pending the closing, which is expected to occur in the next several months.”
It has been 66 days since Demoulas was fired and 41 days since employees began protesting his ouster in a walkout supported by a customer boycott. Demoulas was fired by a board controlled by his rival cousin, Arthur S. Demoulas.
“Our shared goal is to return Market Basket to the supermarket that its customers have come to rely on for service, quality and best prices,” the statement from Market Basket and Arthur T. Demoulas said. “We look forward to seeing you at your local Market Basket.”
After the deal was announced, employees and customers celebrated outside of the company’s headquarters in Tewksbury.
Market Basket operates 71 supermarkets in Massachusetts, New Hampshire and Maine.
Last week, the governors of Massachusetts and New Hampshire entered negotiations to try and broker a deal. Wednesday night, Governor Patrick and Governor Hassan issued a joint statement saying they, “are delighted that the parties have reached agreement.”
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