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Founded in Texas in the 1960s, Market Basket is a privately held supermarket chain with 31 stores located throughout Louisiana and East Texas. While a relatively niche place to shop for your...
During his tenure as CEO, sales grew from $3 billion a year to $4 billion, and the number of employees grew from 14,000 to 25,000. During the same time, competitors Stop & Shop and Shaw's closed many of their stores due to financial troubles. Market Basket also faced new competition from Wegmans, [17] which opened its first Massachusetts store ...
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Kroger bought the chain in 1963 when Market Basket annual sales were $121 million (~$923 million in 2023). [4] In 1982, Kroger decided to exit the competitive Southern California supermarket business and broke up the 65 store Market Basket chain by selling many of stores to Ralphs, Boys, Hughes and Vons while closing the rest.
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The next day, an estimated 5,000 people rallied outside the Market Basket store in Tewksbury. Leaders of the movement said that the protests must now head to the stores. Employees, as well as state politicians, began to call for a boycott of Market Basket stores. By mid week, Market Basket's sales had fallen about 70%.