Former Demoulas CEO wants to buy Market Basket

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Tewksbury, Mass. – Arthur T. Demoulas, the former CEO of Market Basket who was ousted as CEO of parent company Demoulas Super Markets, plans to bid to purchase the company.



Demoulas, who remains a major shareholder, wants to buy the 50.5% of the company controlled by opposing family members, led by his cousin Arthur S. Demoulas.



In a statement, Demoulas said the offer is “full and fair” and should “meet or exceed” seller expectations. He has not publicly revealed the figure, but the value of privately-held Demoulas Super Markets has been estimated at $3 billion to $3.5 billion.



“We care deeply about Market Basket and all of our associates and we want to work together to return the company to its successful model for serving our loyal customers,” said the statement. “Those who received the offer need to consider the matter, so we are not in a position to comment further at this time.”



Demoulas was fired in June 2014 following a financial dispute with his cousin. On July 18, employees staged a rally at company headquarters and during the weekend most warehouse workers and drivers walked off their jobs and said they would not return until Demoulas was rehired as CEO. Eight management-level employees were fired and the company began using replacement drivers. Since that time, Market Basket has reported widespread product shortages on its shelves. Arthur T. Demoulas has publicly asked for the fired managers to be rehired, regardless of whether he returns.