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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 ...
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.
In October 1963, Kroger acquired the 56-store chain Market Basket, providing them with a foothold in the lucrative southern California market. Prior to this time, Kroger had no stores west of Kansas. [27] Kroger, however, failed to make significant headway, only managing a 5 percent market share. By 1982, it withdrew from the California market ...
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