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Former CEO buys Market Basket for $1.5 billion
Tewksbury, Mass. – In what should mark the end of a six-week standoff that began July 18, Arthur T. Demoulas, who was fired by his cousin Arthur S. Demoulas as CEO of the Market Basket supermarket chain in June, has agreed to buy the company for $1.5 billion. Since Friday, July 18, many Market Basket employees and customers have staged a boycott, dramatically slowing down business at the company’s 71 stores in Massachusetts, New Hampshire and Maine.
