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After capturing unwanted national headlines as cousins battled for control of the privately owned business, reinstated CEO Arthur T. Demoulas and family members have completed the purchase of 50.5 percent of Demoulas Supermarkets Inc., giving them 100 percent ownership of the Market Basket grocery chain.
No further terms of the transaction were provided, although the Tewksbury, Mass.-based company expressed satisfaction "that the loan package included significant participation by many New England-based banks," and that "they were able to take advantage of historically low interest rates."
According to Market Basket, since the team led by Arthur T. returned to the regional chain's helm in August, sales and customer counts have grown from last year; three new locations, in Revere, Littleton and Waltham, Mass., have opened in the past six weeks, bringing the total store tally to 73; 1,300 new jobs have been created; and a $49 million bonus was shared with both full- and part-time employees.
"Arthur T. Demoulas and the Market Basket team remain fervently dedicated to our customers and our 'More For Your Dollar' commitment to them," said David McLean, the grocer's operations manager. "We eagerly embark on this new chapter for the company, and expect steady growth in both the near and long term. The world witnessed just how incredible our customers and associates are, and the rock-solid commitment we have to our 'people first' culture."