Arthur T. Demoulas, the ousted chief executive of the Demoulas Market Basket chain, made an offer Wednesday to buy out the shareholders of the company aligned with his cousin, Arthur S. Demoulas. Here’s how the ownership structure of the chain breaks down:
RELATED: Meet the Market Basket board of directors
The Demoulas chain had its origin in a neighborhood food store in Lowell that was opened in 1917 by Arthur and Efrasine Demoulas. In 1954, the couple sold the business to two of their six children, George and Telemachus. George Demoulas died suddenly on June 27, 1971, while vacationing with his family in Greece. On George’s death, Telemachus Demoulas took control. The family feud over control of the company burst onto the public scene in 1990, when Arthur S. Demoulas, a son of George, filed the first complaint that Telemachus Demoulas was diverting assets from the chain into businesses solely owned by his branch of the family. After one of the longest, costliest, and nastiest court battles in the state’s legal history, Telemachus Demoulas was eventually forced to pay George’s relatives $206 million. He resigned as president of the company in 1999. When he died in 2003, the obituary in the Globe was headlined: “Telemachus Demoulas, supermarket giant”.
Advertisement
SHAREHOLDERS ALIGNED WITH ARTHUR T. DEMOULAS
Ownership stake: 49.5 percent
The children of Telemachus Demoulas:
Arthur T. Demoulas
Frances D. Kettenbach
Glorianne D. Farnham
Caren D. Pasquale
SHAREHOLDERS ALIGNED WITH ARTHUR S. DEMOULAS
Ownership stake: 50.5 percent
The children of George Demoulas
Arthur S. Demoulas
Diana D. Merriam
Fotene J. Demoulas
A fourth child of George, Evan, was killed in a motor vehicle accident in Montreal in 1993. Evan was an investor and race car driver who competed in automobile races throughout Europe. Upon his death, his stake went to his widow, Rafaela Evans, and their child, Vanessa Evan Demoulas.