Ex-Market Basket CEO wants to buy company - 7News Boston WHDH-TV

  • Breaking News

Ex-Market Basket CEO wants to buy company

Posted: Updated:
TEWKSBURY, Mass. (WHDH) - The former chief executive of the Market Basket supermarket chain whose firing has led to employee protests, customer boycotts and empty shelves wants to buy the entire company.

Arthur T. Demoulas said in a statement Wednesday that he and his side of the family want to buy the 50.5 percent of the company now controlled by his cousin's side of the family who backed his firing last month.

"We believe that our offer is a very full and fair one and should meet or exceed a seller's expectations of the value of the company," Demoulas said.

The offer comes as customers are seeing dumpsters filled to the brim with rotting food that never made it to shelves at various branches and empty shelves, prompting people to seek food elsewhere.

"They are all business men so looking at it from a business perspective how can you say no to an offer like this,” Branislav Juric, an assistant manager, said.

Demoulas was fired by a family faction supporting his cousin, Arthur S. Demoulas. Both are grandsons of the company's founder and have been locked in a decades-long feud.

Customers are looking to get the former CEO reinstated and employees are hoping that the board of directors takes the buyout offer seriously.

"Most famous statement from him says 'we're in the people business, just happen to sell groceries,'" said Lisa Adams, assistant bakery manager.

The Associated Press contributed to this report.

  • Stay Connected

  • Like Us on Facebook
  • Follow Us on Twitter
Powered by WorldNow

Sunbeam Television Corp
7 Bulfinch Place
Boston, MA 02114

News Tips: (800) 280-TIPS
Tell Hank: (855) 247-HANK

Can't find something?
Connect with us here:
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WHDH. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.