Arthur T. releases statement ahead of deadline - 7News Boston WHDH-TV

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Arthur T. releases statement ahead of deadline

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UNDATED (WHDH) - The fired CEO of Market Basket said in a statement on Sunday that he would return to work without finalizing a deal.

A spokesperson for Arthur T. Demoulas said that the executive has offered to return to work starting at midnight on Monday in order to "bring back is full team to stabilize and begin to restore his business."

Demoulas and his side of the family are still working to pursue their offer to buy out the controlling shares of the company from his cousins, including Arthur S. Demoulas.

Protests have been ongoing at Market Basket branches, with employees walking off the job to support the return of Arthur T.

The new CEOs, however, are threatening to fire managers and workers who don't come back to work starting next week. They're also ordering managers to start restocking shelves with fresh supplies they promise are coming.

The spokesperson said, in regards to if the sale could be happening soon, that it takes three months to complete this kind of transaction. She wouldn't say whether the deal was close to beginning that time table.

Full statement:

Arthur T. Demoulas and his side of the family have been working around the clock to pursue their offer to buy the 50.5% of shares in DDS they do not own for a full and fair price. As part of his proposal, Arthur T. has also offered to move immediately to return to work in advance of the completion of the stock purchase and work to bring back his full team to stabilize and begin to restore the business.  He offered to do so starting as soon as midnight tonight. 

These steps are critical at this point and are in the best interests of Associates, customers, vendors and shareholders. Time is of the essence.  Arthur T. is hopeful but resolution depends on the response of the other shareholders in order for an agreement to be reached.

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