Following weeks of tumultuous protests and the firing of a handful of high-ranking officers, Market Basket and its shareholders entered a binding agreement. Under terms of the agreement, ousted CEO Arthur T. Demoulas and other Class B shareholders will acquire 50.5 percent ownership interest of Market Basket. The company is currently owned by Arthur S. Demoulas and Class A shareholders.
Arthur T. Demoulas will resume authority of day-to-day operations, effective immediately, and he and his team will return to Market Basket during the completion of the transaction to purchase the company. Current co-CEOs James Gooch and Felicia Thornton will stay in their positions pending the closing.