Artie T. Calls Says Market Basket Has Undergone Remarkable Turnaround

By Liz Taurasi

Just a couple of weeks after taking back the helm of his family-owned company, Arthur T. Demoulas says the Market Basket supermarket chain is in a more favorable position, and told the Boston Globe he’s just happy to be a grocer.

Demoulas told the Globe the supermarket chain has had quite the turnaround with employees working day and night to help restock shelves and bring the chain, which had been void of product and customers, stemming from the summer work stoppage and boycott, back to business.

Demoulas was ousted in June when a majority of the company’s board shifted in support of his cousin and rival Arthur S. Demoulas. For almost two months employees banded together to protest the ouster of their beloved CEO standing firm in their beliefs that together with the company they built one of the greatest business models in the country, and not budging until he was back.

Now Demoulas is back and the Market Basket customers knew before all this began is back, as well. The deal was signed on August 27 selling him the remaining shares.

While Demoulas said in the Globe interview that sales are back to 100 percent to where they were last year, there is still much work to be done. This includes stabilizing the company’s finances and completing the $1.6 billion purchase of the remaining 50.5 percent of the shares of the company that was finalized last month.