Skip to main content

Artie T. to Cousin: I Want To Buy You Out!

Jul 24, 2014 09:02AM, Published by Bill Gilman, Categories: Business, Today




Have Arthur T. DeMoulas and his partners made Arthur S. DeMoulas and the DeMoulas Board of Directors an offer they can't refuse?
Late Wednesday night, Arthur T. released information to multiple media outlets revealing that he and his partners (family member aligned with him) have made an offer to Arthur S.  and his allies on the board to buy out their 50.5 percent stake in the company, according to an article appearing in the Lowell Sun.
"We believe that our offer is a very fair and full one, and should meet or exceed a seller's expectations of the value of the company," Arthur T. was quoted as saying in the article.
Arthur T. DeMoulas is still presently the largest individual shareholder in the privately held company, at 14 percent. However, he was ousted as CEO/President last month when his cousin, Arthur S. gained enough support from the seven-member Board of Directors. The pair has battled over control of the company for many years.
The Demoulas Board is scheduled to meet in Boston on Friday to take Arthur T.'s offer under consideration and discuss the labor unrest that has all but shutdown the 71 Market Basket supermarkets in New England for the past several days, costing the company millions of dollars a day.
WHDH Ch. 7 reported on Wednesday that gross sales at Market Basket stores had dropped 91 percent this week, as shelves of produce, seafood and meats remained empty. Multiple media outlets reported that store managers throughout the company were turning away delivery trucks filled with food from the DeMoulas Warehouse and being driven by replacement drivers hired by the company.
Employees announced earlier on Wednesday that they will be holding their "Grand Finale" rally/protest on Friday morning in the parking lot outside the Market Basket in Stadium Plaza at 10 Main St., Tewksbury.
All of which has led some business observers to wonder if the protests and rallies of the past week have been less organic than originally thought, but rather have been part of a carefully orchestrated plan by Arthur T. to regain control of the company.
If so, the plan has worked brilliantly. Not only have most of the company's 25,000 employees rallied to "Artie T's" cause but customers and state political leaders have joined and encouraged a boycott of the stores.
During the course of their protests, employees have outlined some of their concerns about Arthur S. Demoulas and the company's new co-CEOs, Felicia Thornton and Jim Gooch. One concern has been over changes they believe the new management wants to make in the employees generous profit sharing plan. A second is the belief that Arthur S. wants to sell the company to a larger grocery chain.
Arthur T.'s buyout offer may present his cousin with a win-win option.

ARE YOU JUST CATCHING UP ON THE MARKET BASKET REBELLION SAGA? CLICK HERE TO CATCH UP WITH PAST ARTICLES ON THE BATTLE.


Follow us on Facebook at https://www.facebook.com/yourtewksburytoday/ Follow us on Twitter at @TewksburyToday Follow us on Instagram at YourTewksburyToday

demoulas market basket arthur t demoulas arthur s demoulas buyout offer worker rebellion


It looks like we don't have any events for this date. You can always add an event.

  • Troop 49 Meeting

    06/27/2017
    07:00PM — 08:30PM

    Troop 49 meets weekly from 7-8:30 on Tuesday nights in St. Williams Parish Center, 1351 Main Stre...


It looks like we don't have any events for this date. You can always add an event.

  • Tap Dancing with Val

    06/29/2017
    08:45AM — 09:30AM

    A fun, beginner level tap class that works on rhythm and basic tap steps put to upbeat music from...


  • 2017 Wilmington Fun On The Fourth Carnival

    06/29/2017
    05:00PM — 09:00PM

    The 2017 Wilmington Fun on the Fourth carnival, run this year by Cushing Amusements, will be held...


  • Family Fun Fridays

    06/30/2017
    11:00AM — 12:00PM

    Come by today to attempt 5 challenges around the theme of BUILDING. Pick up your challenge sheet ...


  • 2017 Wilmington Fun On The Fourth Carnival

    06/30/2017
    05:00PM — 09:00PM

    The 2017 Wilmington Fun on the Fourth carnival, run this year by Cushing Amusements, will be held...