Market Basket Deal Completed, Ending Family Feud
A New England supermarket chain chief executive who was ousted earlier this year but returned after a worker revolt has completed an ownership deal that ends a family feud over control of the company.
Market Basket CEO Arthur T. Demoulas and his family announced Friday that they completed the purchase of the 50.5 percent of the company that was controlled by his cousin. Demoulas offered $1.6 billion in the buyout proposal in August.
Other details of the deal weren't disclosed.
The nearly century-old supermarket chain based in Tewksbury, Massachusetts, has 73 stores in Massachusetts, New Hampshire and Maine.
Demoulas was fired in June by a board controlled by his cousin, Arthur S. Demoulas. The ouster led to six weeks of worker walkouts and customer boycotts that nearly crippled the company.