National & International News
The day’s top national and international news

Ousted Market Basket CEO: Accept My Bid, and I'll Return ASAP

Ousted CEO is working to purchase remaining shares in Demoulas Super Markets as employees and customers protest for his return

View Comments (
)
|
Email
|
Print

    NEWSLETTERS

    Arthur T. Demoulas is working to purchase remaining shares in Market Basket and says he will return to work immediately if his bid is accepted. (Published Monday, Aug 4, 2014)

    The former Market Basket CEO whose ouster sparked massive employee protests says he will return to helm the grocery chain "immediately" if the board accepts his offer to buy the company.

    Arthur T. Demoulas, who was pushed out by his cousin's allies in June amid a decades-long family feud in the boardroom, said in a statement Sunday night that he and his full team could return within hours if his bid were accepted so they could "begin to restore the business."

    A spokeswoman for the man better known to loyal employees as Artie T. said his side of the family was working to buy the 50.5 percent of shares they don't own.

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

    The region-wide supermarket chain has suffered this summer as worker protests, walkouts and a boycott have left stores, and their shelves, empty in the wake of Arthur T.'s ouster.

    Arthur T. was fired back in June by a board controlled by allies of his cousin Arthur S., and two co-CEOs, Felicia Thornton and James Gooch, were tapped to replace him.

    Two wings of the Demoulas family, all descendants of Market Basket's founder, have been feuding since 1971 for control of the company.

    Meanwhile, current Market Basket executives are preparing to hold job fairs Monday and Tuesday for current employees looking for a promotion or to change positions. They are scheduled to take place both days from 4 to 8 p.m. at the company's IT center in Andover, Massachusetts.

    CEOs Felicia Thornton and James Gooch released a statement Monday, reading, in part, "We have heard from many associates who are interested in applying for internal positions, but are concerned for their safety if they attend the scheduled job fair. In response to their concerns, we are making available an email address to which associates can apply. Any associate interested should dsend a copy of their resume to jobfair2014@demoulasmarketbasket.com."

    A fair for outside candidates will be held Wednesday.