All Sections

Home | Business

Ousted Market Basket CEO 'Arthur T.' Demoulas issues statement offering to return

August 03. 2014 8:32PM

"Arthur T." issues statement on status of proposal to purchase shares of stock.

A spokesperson for ousted Market Basket CEO Arthur T. Demoulas said Sunday night that his side of the family has been "working round the clock" to purchase over half the shares in the supermarket chain's parent company.

In a statement issued Sunday night, Justine Griffin, a spokesperson for Arthur T. Demoulas said, "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 DSM 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."

Market Basket workers are planning to rally in Tewksbury, Mass., on Tuesday morning, a day later than previously planned. The change was to give more time to rally organizers to make parking arrangements and for police to hire additional staff, according to Steve Paulenka, a top organizer and a Londonderry resident recently terminated by Market Basket. The rally will take place at 11 a.m. Tuesday near the Market Basket store at Stadium Plaza.

Most Market Basket customers are boycotting stores until the supermarket chain's ousted CEO, Arthur T. Demoulas, is returned to power. Some workers are picketing stores during their off hours, while some have stayed off the job.

Earlier rallies drew thousands of workers from three New England states, including New Hampshire.

Market Basket operates about 30 stores in the Granite State. The company's co-CEOs ordered all workers to be back to work Monday or face being replaced. The company also will be conducting a three-day job fair starting Monday in Andover, Mass.

Business Human Interest Labor Food Hudson Londonderry Manchester Top Section Stories

More Headlines