Newly reinstalled CEO Arthur T. Demoulas said Market Basket could scale back its expansion plans this year as it tries to get its affairs in order after a grueling two-month battle for control over the company.
"If need be, if we have to cut back on some of our new store expansion from four or five stores to two or three stores (this year), we will do that," Demoulas said at the Market Basket in Chelsea yesterday.
Demoulas is now working to get the supermarket chain back on track after a months-long boycott and walkout cost the company millions in lost sales.
Earlier this week, the company announced that Demoulas would buy the 50.5 percent of the company he did not own from his cousin Arthur S. Demoulas for $1.5 billion — leaving the hugely popular company saddled with debt to a private equity investor.
Market Basket currently has a number of new stores in the pipeline, including one in Revere that is close to being ready to open.
That store would be the first to open, Demoulas said. Other upcoming stores are in Waltham, Littleton and Attleboro.
Demoulas was treated to a hero's welcome at the Chelsea store, with employees hugging and singing to him.
"It was awesome," said Kevin Feole, store director. "It was quite a scene, all hugs and kisses."
Demoulas thanked the workers for their support, and pledged that the company would not change.
"We try to be good to one another and help each other out and be the wind at each other's back, and you certainly saw that wind," he said.
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