Market Basket Update
The former CEO of the Market Basket supermarket chain who is attempting to regain control of the company from relatives says “onerous” terms are preventing him from buying a controlling share from those family members.
Arthur T. Demoulas says in a statement that his offers to buy the company “have been rejected, not on the basis of price, but with counter proposals that have been laden with onerous terms that are far beyond comparable transactions.”
Demoulas was fired in June by a board controlled by his rival cousin, Arthur S. Demoulas.
The power struggle has led to walkouts by thousands of employees, and a boycott by customers, leading to a steep drop in sales at the chain with 71 stores in Massachusetts, New Hampshire and Maine.