Dec 12, 2014 1:24 PM
Arthur T. and family now own 100 percent of Market Basket chain
TEWKSBURY, Mass. - Arthur T. Demoulas and his family are now the sole owners of the Market Basket grocery chain.
According to a new release, they completed the purchase of the 50.5 percent of the Demoulas Supermarkets Inc. that they did not already own as of 1 p.m. Friday.
Newly opened Market Basket locations in Revere, Littleton and Waltham, Mass., over the last 60 days bring the number of stores to 73.
Market Basket didn't provide specifics of the terms of the financial transaction.
The press release touted several changes since the team led by Arthur T. Demoulas returned to Market Basket on August 28, 2014:
• Sales and customer counts have been higher than last year;
• Three new stores opened in the past six weeks - in Revere, Littleton, and Waltham;
• 1,300 new jobs have been created;
• An employee bonus of $49 million was shared this week with full- and part-time associates.
"Arthur T. Demoulas and the Market Basket team remain fervently dedicated to our customers and our More For Your Dollar commitment to them," said David McLean, Market Basket Operations Manager. "We eagerly embark on this new chapter for the company, and expect steady growth in both the near and long term. The world witnessed just how incredible our customers and Associates are and the rock solid commitment we have to our ‘people first' culture."
Founded in 1917, Market Basket is based in Tewksbury, Mass.