A fearless Arthur T. Demoulas called the Market Basket board's bluff by refusing to end an employee uprising, or pay a security deposit during grueling negotiations, until he and his sisters won total control of the 71-store grocery chain, sources told the Herald.
Demoulas cut a deal worth north of $1.5 billion with the board that ousted him — helmed by his bitter rival and cousin, Arthur S. Demoulas — late Wednesday night after a brutal series of negotiations that started July 23 and included a closed-door session with Gov. Deval Patrick.
Two weeks of those high-stakes negotiations, sources said, were consumed by the Market Basket board pitching a range of scenarios in which Arthur T. would encourage protesting employees to return to work and he would return on an interim basis to stabilize the company.
He refused, skeptical the entreaties were designed to make the company more attractive to other potential bidders. The board also wanted Arthur T. to put a substantial security deposit on the table in exchange for it agreeing not to talk with other suitors, sources said.
The mistrust and ill will had dissipated by yesterday morning, as Arthur T. triumphantly toured stores and thanked those who believed in him. He told the Herald with a smile he harbors no ill will toward his cousin or any other family member.
"No, listen, hopefully it will work out for everybody," he said. "Our interest here is just making sure that all the people here are back on track with their normal livelihoods and putting smiles on people's faces. Everything's fine."
During the negotiations, employees refused to return to work despite threats by new management that they'd be fired. All the while, sources said, Market Basket employees loyal to Arthur T. were in touch with skittish vendors — who last week began publicly fretting about being owed money or being overpaid — assuring them their beloved boss would soon be back in control.
Yesterday, those employees jumped headlong into a reboot of a supply and accounting system crippled by six weeks of walkouts and boycotts.
"You are simply the best," Arthur T. told workers from the back of a truck outside company headquarters in Tewksbury. "You taught everybody that Market Basket is a place where respect, honor and dignity is a way of life. You displayed your unwavering dedication and desire to protect the culture of your company."
Hundreds of returning employees fired up delivery trucks, restocked warehouses and reconnected with vendors, promising most customers will see fully stocked stores by the middle of next week.
"Seven hundred guys closed down the warehouse, but 2 million customers shut down (the company)," said Dave Laferrier, assistant manager of Market Basket's nonperishable warehouse and a 34-year employee, who returned to work at the stroke of midnight yesterday. "Everyone's right back in the game. It's like riding a bike. Just needed a little oil on the chain." The buyout, which Arthur T. leveraged with private equity and other debt, will take months to formally close, with Patrick saying, "there's a lot to do between now and the closing date."
"I'm overwhelmed. This company here is going to be stronger than ever," Arthur T. said yesterday. "I would never bet against this organization."
Laurel J. Sweet contributed to this report.
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