Deal Reached To Sell Supermarket Chain To Ex-CEO
A New England supermarket chain that has been in turmoil for weeks over a workers’ revolt and customer boycott has announced that the former CEO will buy a majority stake in the business. Market Basket said in a statement late Wednesday that former CEO Arthur T. Demoulas would be returning to the company, and that he and his management team would handle day-to-day operations while the purchase is completed. Arthur T. Demoulas was ousted in June by a board of directors controlled by his cousin, Arthur S. Demoulas, causing workers to stage protests.
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