Multiple reports say deal reached for Arthur T. to buy Market Basket
According to the Boston Globe, the deal was signed at a company board meeting.
The agreement would give Arthur T. full authority to manage operations at the 71 stores, according to the Globe.
“Knowing the board, they’ll probably throw darts at a map of Market Basket stores and see where it lands,” Peter Gulezian, store director at the Manchester store, said while quickly acknowledging he was joking.He said the standoff — which started in mid-July with picketing workers and boycotting customers — has left workers feeling “awful,” not knowing what will happen to them or their stores, about 30 in all, in New Hampshire.
Ousted CEO Arthur T. Demoulas has been working to purchase a controlling interest in the chain from another faction of the family headed by his cousin, Arthur S. Demoulas.
Neil Niman, chair of the economics department at the University of New Hampshire, said he was surprised the standoff lasted this long — almost six weeks. And with Arthur T. Demoulas reportedly taking on borrowing costs to help finance the deal, Niman questioned whether that would put in jeopardy the chain’s reputation of having low prices and high customer service.
Jay Houle, front-end manager at the Epping Market Basket, said managers have checked on the availability of idled part-time workers returning to stores, but he was personally ignoring most of the daily rumors.
At the busiest Market Basket store in New Hampshire, on South Broadway in Salem, Store Director Brian Casassa said his store includes many single-family parents and teenagers waiting to return to work while bills go past due.“There’s 25,000 people who just want their lives to get back to normal,” he said of the company-wide workforce.
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