Local Deal To Sell Market Basket To Arthur T. Demoulas Has Been Reached

[brooklynite]

Source: WBZ


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.

Read more: http://boston.cbslocal.com/2014/08/27/globe-deal-to-sell-market-basket-has-been-signed/

[Cha]

1. Kickityroo

[wryter2000]

2. Woohoo!

Kick.

[TheCowsCameHome]

3. Yeeeeeeeeeeessssssssss!!!!!!!

This is wonderful news.

Kudos to all who made it happen - employees, customers, and Artie T. !

[markmyword]

4. Take it Back!

Folks this is what WE THE PEOPLE should be doing with our country.

TAKE IT BACK from all these Tea Party Republicans, from these Billionaires BUYING our country, from the Millionaires who BUY their political office, the corporations and lobbyists.

We need to do what the employees, customers, and vendors did in order to keep the Market Basket in the good hands of Arthur T. Demoulas.

Boycott, pick it , and bring these politicians and corporations to their knees, WE THE PEOPLE have this power.

Let's take our country back!

[LittleGirl]

9. absolutely

welcome to DU!

[merrily]

5. I am very happy for Market Basket employees and customers both of which groups have

been so loyal to Arthur T at the expense of their own pockets that I conclude he must be a wonderful person. So, I am happy for him too.

However, as the saying goes, the devil is in the details. So I only hope for all of them this victory is as good as it seems on the surface.


I add that this did not look like it was heading for settlement until Governor Patrick and other pols got involved. So, kudos to the unofficial mediators as well.

Although I have not been able to shop there, I hope the prices at Market Basket, which have always been much cheaper than any other chain operating in Massachusetts, continue to be good for customers and I hope the customers start shopping there again ASAP.


And, I'm guessing we can still donate via the Market Basket employees website.

Best wishes to all participants, esp. employees got hurt financially by this. I hope there is a way for them to recoup at least a portion of their losses.

[Downwinder]

6. It is not over yet. There are still two bad apples in the Market Basket.

The current Co-CEO’s will remain in place pending the closing, which is expected to occur in the next several months.”

[Chan790]

8. Yup, that's an issue.

They've both proven themselves to be particularly-inept chainsaw capitalists; I'm a bit concerned what kind of havoc they can do over the intervening months.

[Gore1FL]

12. I expect they will be largely powerless.

They were largely powerless when they were the only game in town as demonstrated by the workers and customers.

[riqster]

7. Proof once again that apathy and cynicism are overrated.

And that energy and activism can win for us, IF we stick to it.

[CherokeeDem]

10. Yes!!!

The people spoke and the people win!!!

[valerief]

11. Woo hoo! I missed my Market Basket! nt