A New England supermarket chain that has been in turmoil for weeks over a workers' revolt and customer boycott has announced that the former CEO will buy a majority stake in the business.
Market Basket said in a statement late Wednesday that former CEO Arthur T. Demoulas would be returning to the company and that he and his management team would handle day-to-day operations while the purchase is completed.
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Arthur T. Demoulas was ousted in June by a board of directors controlled by his cousin, Arthur S. Demoulas, causing workers to stage protests. Hundreds of warehouse workers and drivers refused to deliver food to the chain's stores in Massachusetts, New Hampshire and Maine, leading to empty shelves and tens of millions in lost revenue.