TEWKSBURY, Mass. (NEWS CENTER) -- After several weeks of turmoil, the Market Basket board has reached a deal to sell the supermarket chain to former CEO Artie T. Demoulas.
A statement issued late Wednesday said effectively immediately, "Arthur T. Demoulas is returning to Market Basket with day-to-day operational authority of the company. He and his management team will return to Market Basket during the interim period while the transaction to purchase the Company is completed."
A family feud with rival cousin led to the firing of CEO Artie T Demoulas in June. Since then, hundreds of employees have protested, refusing to work in the store or deliver food, leading to empty shelves. The company retaliated by taking hundreds of workers off the schedule. Both the Massachusetts and New Hampshire governors have been working with the rival cousins sides, helping them reach a deal so the employees could return to work.
Demoulas reportedly made a $1.5 billion offer to buy out the part of the company his cousin controls on Aug. 22. The current CEOs will remain on until the deal is finalized, which will take several months.
Many of the Market Basket workers have said "Artie T." is an extremely generous CEO. He offered flexible scheduling and scholarships for working students and was known for his generosity.
The chain employs 25,000 full- and part-time workers in Massachusetts, New Hampshire and Maine. The one Market Basket store in Maine is in Biddeford.