Arthur T. Demoulas Submits Bid for Market Basket, Globe SaysChris Staiti
Arthur T. Demoulas submitted a final offer to buy Market Basket, the New England supermarket chain whose board is controlled by his cousin, the Boston Globe reported.
The board will meet tomorrow to discuss offers, the Globe said, adding that it couldn’t confirm any other bidders. Delhaize Group SA, the parent of Hannaford supermarkets, has expressed interest in buying the company, the newspaper said.
Demoulas’s ouster as chief executive officer by his cousin Arthur S. Demoulas in June has sparked protests by workers and customers that have emptied shelves and nearly shut down the 71 stores. Massachusetts Governor Deval Patrick and New Hampshire Governor Maggie Hassan convened a closed door session with both sides this month to end the deadlock.
The show of support for a fallen CEO is unprecedented in modern American history, according to Thomas Kochan, professor at Massachusetts Institute of Technology’s Sloan School of Management.
Some industry analysts put the loss from the job action at more than $10 million a day. Supermarket News, a trade publication, ranks the company as the 34th largest U.S. grocery retailer with $4.3 billion in annual sales.
A spokeswoman for Arthur T. Demoulas didn’t return phone calls seeking comment. Spokesmen for Arthur S. Demoulas declined to comment or were unavailable.