Market Basket CEO Arthur T. Demoulas was greeted by selfie and autograph requests yesterday, as well as hugs, kisses and congratulations from adoring customers as he marked the formal opening of the grocery chain's new Revere store more than a year after its completion.
It's the 72nd location for the Tewksbury company, and the first since Demoulas' August reinstatement following his firing by a board controlled by his rival cousin, Arthur S. Demoulas. That corporate power struggle sparked a six-week shutdown of the chain by striking workers and protesting customers and resulted in millions of dollars in losses.
"The important thing is it's all smoothed out, and we're here to concentrate on a productive thing," Arthur T. Demoulas told Revere Mayor Daniel Rizzo. "We're sorry for the wait."
"Artie T." said he hopes to complete his $1.6 billion deal to assume full ownership of the family-owned chain by year's end. Meanwhile, Felicia Thornton and Jim Gooch, named in June to replace Demoulas as co-CEOs, continue to work in a "monitoring function," he said.
Asked if the massive debt attached to the purchase would affect Market Basket's generous employee profit-sharing program or low grocery prices, Demoulas said, "We're going to do our best to keep our model and prices intact."
"Operations are in full swing," he said. "Everything is right back to normal."
Demoulas said he hasn't talked to Arthur S. Demoulas since the deal's negotiation and declined comment on whether his cousin — who came to be known as the "bad Arthur" — got a bad rap during the contentious battle for the chain.
But Arthur T. Demoulas did say he expects no further lawsuits to be filed.
At more than 80,000 square feet, the Revere store is a bit larger than the average Market Basket.
"This store location, I think, will be an economic engine for the city," said Speaker of the House Robert A. DeLeo (D-Winthrop), who represents Revere.
Rizzo, who noted that the Market Basket "puts close to 500 people to work," said the store opening has already prompted inquiries from Starbucks and Panera Bread about nearby expansion.
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