Market Basket to open four to five stores

Tewksbury, Mass. – The Market Basket supermarket chain is wasting no time in moving forward following its purchase by former CEO Arthur T. Demoulas for $1.5 billion on Aug. 28. According to the Boston Globe, Market Basket plans to open at least four new stores in Massachusetts the near future.

Cities slated for new Market Basket store openings reportedly include Revere, Attleboro, Littleton, and Athol, with Plymouth also under consideration. The Revere and Attleboro stores are scheduled to open by the end of 2014. Demoulas said that Market Basket will consider scaling back its new store openings from a planned four or five to two or three if that will help the company better manage the roughly $500 million in private equity debt which financed its recent purchase.

Demoulas was fired by his cousin Arthur S. Demoulas in June 2014, leading to a six-week employee and customer boycott in July and August 2014 that severely reduced products available on Market Basket shelves as well as the company’s profits. Arthur T. retained ownership of 49.5% of the company upon being terminated as CEO, and bough the remaining shares from Arthur S. and allied family members. Market Basket currently operates 71 stores in Massachusetts, New Hampshire and Maine.

 

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