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George's real estate and 84% of his shares in DeMoulas Super
Markets to members of his own family pennies on the dollar. Mike Demoulas contended that his brother's heirs had willingly sold their shares in the company because they wanted money and their stock in DeMoulas did not pay dividends. According to Mike Demoulas, Evanthea, asked him to sell her shares so she could have money to raise her children, Evan sold his shares so he could begin his auto racing career, and Diana and Fotene sold their shares after the saw how much money their brother received. However, once the company began paying dividends in 1988, the family saw how much money they could have made if they had kept their shares and sought to "rewrite history" in order to regain what they had sold. George's children acknowledged that they had signed many of the documents authorizing the sales and transfers, but stated they were not aware of what they were signing because they were too young to understand and trusted their uncle to take care of them. A jury found in favor of George's family.
414:, owned by an entity in which he was a major investor. After the sale, Arthur S. had the property appraised by a Boston real estate executive, who valued the property at $ 9 million. He also accused Arthur T. of paying "grossly excessive fees" to Retail Development and Management Inc., a real estate firmed owned by his brothers-in-law Michael Kettenbach and Joseph Pasquale that oversaw Market Basket's real estate and helped it develop new stores. He and his attorneys argued that the 7.5% of the total development costs "was far in excess" of the prevailing market rate of 2% to 3%. Arthur T. denied his cousin's claim. He argued that Arthur S. trumped up the charges in order to take control of the company and pay himself and the other shareholders more money. Attorneys for Arthur T. noted that
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had "invaded his privacy rights by having listening devices planted at DSM headquarters." In 1994, a jury found in favor of Arthur S. Demoulas. However, a new trial was granted after a woman came forward with new evidence – a recording of her boyfriend admitting to bugging the office for Arthur S. Demoulas. The case was damaged though when the woman admitted to being a crack cocaine addict who received about $ 500,000 in housing and other expenses from the family of
Telemachus Demoulas and the man on the tape testified that he had been lying during the recorded conversation. On August 4, 1997, Arthur S. Demoulas was again cleared of wiretapping charges by a federal jury.
127:. After the war, Demoulas joined the family business. In 1953, he married Evanthea Koukias. After he and his brother Mike purchased their parents' market, Demoulas served as executive vice president and treasurer of DeMoulas Super Markets, Inc. Demoulas, who was described as affable and gregarious, dealt with outside parties, including vendors. He brought in many friends from the Greek community, including many people from the Acre, to do accounting, banking, and buying for the company. Within 15 years, the two brothers had transformed their parents' "mom and pop"-style store into a modern supermarket chain consisting of 15 stores.
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their parents. Demoulas ran the day-to-day operations of the business and found locations for new stores. Within 15 years, the two brothers had transformed their parents' "mom and pop"-style store into a modern supermarket chain consisting of 15 stores. After his brother George's death in 1971 he expanded the
Demoulas chain. He also began opening stores under different names, including Market Basket. By 1998, there were 57 Demoulas and Market Basket stores. He remained President of DeMoulas Super Markets, Inc. until 1999, when he resigned as result of a court order.
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hired Mel L. Greenberg, a retired judge, to investigate Arthur S.' claims. Greenberg found that there was no wrongdoing by Arthur T. in the purchase of real estate (including the Bourne property) that the fees paid to Retail
Development and Management were not excessive. However, he did find that Arthur T. and the Board of Directors had neglected their fiduciary duties by not looking into whether or not the company would have been better off if it had exercised its option to purchase its store in
242:, where he graduated in 1984. He continued to work for DeMoulas Super Markets while in college and eventually rose to the position of assistant produce director. He left the company in 1990, as litigation between him and company president Mike Demoulas led a judge to rule that it would be best for Arthur S. to be put on paid leave. Following his family's legal victory over Mike Demoulas, Arthur S. was given a seat on the Board of Directors, but never returned to the chain's daily operations.
444:, flagship store on June 24. Beginning on July 18, 300 warehouse workers and 68 drivers refused to make deliveries, which left store shelves severely depleted. On August 27, 2014, after months of protest by Market Basket employees and customers, the shareholders of DeMoulas Super Markets, Inc. reached an agreement to sell the remaining 50.5% shares of the company to Arthur T. Demoulas for $ 1.5 billion.
305:. In 1974, one year after he graduated from high school, he joined DeMoulas Super Markets Board of Directors. He eventually worked his way up to the position of Vice President. In 1989, after the DeMoulas Super Markets Board of Directors rejected his proposal to start a pharmacy division, Demoulas founded Lee Drug. In 1990, he sold the chain of nine stores to
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upheld a lower court's ruling that Arthur T. Demoulas had presented the DeMoulas Super
Markets Board of Directors with “misleading, inaccurate, and materially incomplete” information in order to receive a rejection and keep his cousins from receiving any of the profits from Lee Drug, a pharmacy chain
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filed a similar complaint six months later. On May 31, 1994, the
Department of Labor announced that they had reached a settlement in which the trustees agreed to sell $ 22 million of the loans by July 11 or purchase them themselves as well as pay the plan $ 750,000 to make up for the dropped interest
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were found at the headquarters of DeMoulas Super
Markets. It was alleged that Arthur S. Demoulas had planted the bugs in order to listen to the legal strategy of the other side of the Demoulas family. Michael Kettenbach, the son-in law of Mike Demoulas, sued Arthur S. Demoulas, claiming that Demoulas
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Arthur T. was known for his ability to remember his employees names, birthdays, and milestones, attending many of their weddings and funerals as well as there kids christenings, checking in on ill workers, and asking about the spouses and children of his employees. He was seen as a father figure by a
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Telemachus "Mike" Demoulas was born in 1920. During his youth he was the child most involved with his parents' business. In 1938, Demoulas either dropped out or was expelled from high school and went to work for DeMoulas Market full-time. In 1954, he and his brother George purchased the business from
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John
Demoulas was born on March 22, 1915. During his youth, he worked in his family's market. As an adult he ran a chain of liquor stores, a bar in Lowell (the Golden Nugget), and Marion's Cafe, also in Lowell. John Demoulas died on March 8, 2000. Demoulas had four children (John, Arthur, Pamela, and
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In a 2010 memo to the Board of
Directors, Arthur S. Demoulas accused Arthur T. Demoulas of "plundering" millions by paying millions in excessive real estate prices for new Market Basket store locations. One example cited in the memo alleged that Arthur T. had recommended that the company pay $ 20.9
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A few weeks after the decision, George's son Arthur S. Demoulas filed a second suit, this time alleging that Mike
Demoulas had diverted assets from the jointly-owned family company, Demoulas Super Markets, to ones controlled by him and his children, including Market Basket. After an eighty-four-day
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later appraised the Bourne property at $ 25.5 million. Arthur T. also defended his arrangement with Kettenbach and Pasquale, which he said allowed Market Basket to purchase properties without alerting its competitors, thus avoiding a bidding war and saving the company money. The Board of Directors
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In October 1989, Evan Demoulas was notified that the Commonwealth of Massachusetts was seeking back taxes on $ 1 million worth of stock he had sold three years earlier. Demoulas was confused by the call, as he had never sold any stock. He investigated and found that his uncle, Mike Demoulas, had
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for his willingness to put people over profit. However, Demoulas' opponents criticized him for being "openly defiant" of the board of directors and having a "dictatorial" management style. He was fired by the board of directors in June 2014, but returned to the company in August after months of
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rates on the loans (unless the loan recipients paid the money instead). The trustees also agreed not to make any similar investments. The trustees admitted no wrongdoing in the case. Despite the heavy investment in risky real estate loans, the plan never posted a loss. In the civil case, Judge
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In 1990, the widow and children of George Demoulas sued Mike Demoulas, alleging that they had been defrauded out of their shares in the company. They claimed they had trusted Mike to take care of the family after George's death and that he exploited this trust in order to have them sell all of
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found in favor of the plaintiffs. Lopez awarded George's family about $ 206 million for dividends on stock that had been improperly diverted and 50.5% of the company. She also ordered that all of the assets of Market Basket and the other companies controlled by Mike Demoulas and his family be
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By 2002, Rafaele Evans, the widow of Evan Demoulas, was voting with Arthur T. Demoulas due to her displeasure with her brother-in-law, Arthur S. Demoulas, after he attempted to gain control of the trust that controlled her daughter's shares. This gave Demoulas a majority vote on the board of
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Outside of Market Basket, Demoulas was known for his philanthropy. He gave millions of dollars to many causes, including programs for the blind and college scholarships. He was credited with helping revitalize the Acre by building a new supermarket and providing money for new infrastructure.
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estimated the Demoulas family's net worth to be $ 2.2 billion. They also ranked the family as the 104th richest family in the United States. The following year, Forbes put their value at $ 3.3 Billion, which made them the 83rd richest family in the U.S. The Demoulas family dropped off the
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chain of supermarkets. Beginning in 1990, two sides of the Demoulas family fought for control of DeMoulas Super Markets. The dispute ended in 2014, when the family of George Demoulas sold their shares to Frances Demoulas, Glorianne Demoulas, Arthur T. Demoulas and Caren Demoulas after
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The Demoulases had six children; John (1915–2000), George (1919–1971), an unnamed baby girl (1919–1919), Telemachus "Mike" (1920–2003), Ann (1922–2022), and Evangelos (1925–1930). In 1954, Athanasios and Efrosine Demoulas sold the market to Mike and George for $ 15,000.
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Kathleen) with his wife Marion and five illegitimate children with his mistress Dorothy Bedard (Melveen, Mike, Dorothy, George, and Patricia). In 1999, one of his illegitimate sons had his name legally changed from George Bedard to George DeMoulas.
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In 2008, Demoulas was named president and CEO of DeMoulas Super Markets, Inc. During his tenure as CEO, sales grew from $ 3 billion a year to $ 4 billion, the number of employees grew from 14,000 to 25,000. During the same time, competitors
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Demoulas attended meat cutting school and was given a job in DeMoulas' meat department. He was also appointed to the company's board of directors. He eventually left the supermarket business to become a racecar driver. In 1988 he raced for
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ruled that the trustees' actions were "wrong but not corrupt" and that the settlement with the Department of Labor was "an adequate remedy". Therefore, she denied the request to have them removed.
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In 1948, Demoulas married Irene Psoinos (1925–2020). Mike and Irene Demoulas had four children; Frances (1950–), Glorianne (1952–), Arthur T. (1955–), and Caren (1959–). Glorianne is the mother of
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On June 23, 2014, Arthur T. Demoulas was fired by the board of directors. In response to his firing, six high-level managers resigned, and 300 employees held a rally outside Market Basket's
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In 1991, George Demoulas' family sued Mike Demoulas, Arthur T. Demoulas, and DeMoulas Super Markets, Inc. chief financial officer D. Harold Sullivan, alleging that the three violated the
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by using their positions as the trustees of the company's employee profit-sharing plan to make fiscally irresponsible real estate loans to friends and business associates. The
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George and Evanthea Demoulas had five children; Fotene (1954–), Angelo "Evan" (1955–1993), Diana (1956–), and Arthur S. (1958–). Evanthea Demoulas died on February 8, 2008, in
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Arthur Telemachus Demoulas was born in 1955. He spent his youth working in the family business. He lived in Lowell until his adolescence, when his family moved to
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protests by Market Basket employees and customers led the family of George Demoulas to sell their shares to Arthur T. and his sisters.
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Demoulas resides in Lowell. He and his wife Maureen have three daughters; Madeline, Irene, Mary and; one son Telemachus Arthur
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71:. In 1917 they left their factory jobs and opened DeMoulas Market. By 1921, they had enough money to purchase a home in
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closed many of their stores due to financial troubles. Market Basket also faced new competition from discount-grocer
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when Demoulas' car was hit by a driver who had run a red light. Lehto survived, but Demoulas died at the scene.
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Arthur Stephen Demoulas was born in 1958. During his youth, he worked for the family business. He attended the
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309:. In 1999 he resigned as vice president as result of a court order, but remained on the board of directors.
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Angelo "Evan" George Demoulas was born on April 17, 1955. He graduated from Dracut High School and attended
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In mid-2013, Rafaele Evans switched loyalties, which tipped the majority vote from Arthur T. to Arthur S.
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He was survived by his wife, Rafaele Evans Demoulas, who was pregnant with their daughter at the time.
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transferred to Demoulas Super Markets and that Mike Demoulas be removed as president of the company.
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Pereira, Joseph (13 July 1994). "Family That Amassed Supermarket Fortune Splits in a Bitter Feud".
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purchased much of his and his family's shares in Demoulas Super Markets without their knowledge.
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he started after the board rejected his proposal to start a pharmacy division of Market Basket.
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Outside of Market Basket, Demoulas is a member of the board of the Boston Police Foundation.
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67:. In 1914 he married Efrosene Soulis (born 1892), a girl he knew from his native village of
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1185:"Leaders Resign While Hundreds of Market Basket Employees Rally in Support of Fired CEO"
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Demoulas died of a heart attack on June 27, 1971, while vacationing with his family in
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188:. At Dracut High, Demoulas was a standout running back on the school's football team.
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Leung, Shirley (22 August 2014). "Out of the public eye, generosity and resolve".
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Kennedy, John H. (16 October 1991). "Demoulas family in another legal squabble".
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family that controls DeMoulas Super Markets, Inc., the company that operates the
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Zuckoff, Mitchell (13 June 1992). "Labor Dept. Joins Demoulas Family Fight".
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Nealon, Patricia (16 July 1997). "Wiretap claims are key to DeMoulas fight".
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1210:"Market Basket Board Will 'Seriously Consider' Ex-CEO Proposal To Buy Chain"
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Macero, Cosmo (24 October 2001). "A DeMoulas steps forward, and maybe up".
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Athanasios "Arthur" Demoulas was born in 1883. He was orphaned during the
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Kennedy, John H. (1 June 1994). "Demoulas pension plan suit is settled".
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Nealon, Patricia (5 August 1997). "Federal court jury clears Demoulas".
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Ranalli, Ralph (26 May 2003). "Telemachus Demoulas, Supermarket Giant".
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887:"How one woman set off the latest chapter in the Market Basket tale"
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Illegit: A Memoir of Family Intrigue, Wealth, and Cruel Indifference
569:"Arthur S. Demoulas vs. DeMoulas Super Markets, Inc., & others"
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301:(where he played running back on the school's football team) and
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Outside of DeMoulas Super Markets, Demoulas was a trustee of the
207:. After the race, he and his friend and former Pacific teammate
540:"Ann Burliss Obituary (1922 - 2022) - Naples, FL - Lowell Sun"
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Hellenic College Holy Cross Greek Orthodox School of Theology
925:"Meet America's Most Beloved CEO—Too Bad He Just Got Fired"
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Reidy, Chris (14 April 1995). "Pension trustees cleared".
958:"Deal reached to sell Market Basket to Arthur T. Demoulas"
772:"Demoulas president resigns as court order takes effect".
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Firing of Arthur T. Demoulas, protests, and sale of shares
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Zernike, Kate (11 January 1998). "Demoulas v. Demoulas".
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Frisch, Michael S. (Fall 2007). "Zealousness Run Amok".
1136:"Updated: What the Heck Is Happening at Market Basket?"
848:"Arthur T. Demoulas's personal touch can cut both ways"
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1105:"Legal memos trace acrimony between Demoulas factions"
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On June 13, 1993, Demoulas was in Quebec to watch the
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Arthur Demoulas died in 1958. Efrosene died in 1964.
906:"Market Basket: Workers risk it all for their boss"
134:served as its president. He received the title of
655:"George A. Demoulas, 51, supermarket executive".
865:Bailey, Steve (23 June 2004). "Demoulas Redux".
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815:"The Ivy Leaguer who fought his way to the NHL"
716:"Evan Demoulas, 38 Investor, race car driver".
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63:. He settled in the Acre neighborhood of
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732:"Why JJ Lehto is no stranger to tragedy"
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103:George A. Demoulas was born in 1919 in
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992:The Georgetown Journal of Legal Ethics
153:, and St. John's Hospital in Lowell.
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1271:20th-century American businesspeople
395:Massachusetts Supreme Judicial Court
234:, where he was a defenseman for the
1251:American families of Greek ancestry
1157:Scott, Christopher (24 June 2014).
935:from the original on 13 August 2020
846:Borchers, Callum (22 August 2014).
59:. On March 17, 1906, he arrived at
45:protests by employees and customers
410:million to purchase a property in
261:Demoulas died on May 24, 2003, at
132:Holy Trinity Greek Orthodox Church
25:
383:United States Department of Labor
1134:Vaccaro, Adam (25 August 2014).
904:Gittleson, Kim (1 August 2014).
885:Welker, Grant (27 August 2014).
813:Scott, Nate (January 15, 2015).
671:"Evanthea G. (Koukias) Demoulas"
51:Athanasios and Efrosine Demoulas
1183:Vaccaro, Adam (24 June 2014).
571:. Massachusetts Lawyers Weekly
263:Massachusetts General Hospital
238:team. He later transferred to
147:Lowell Technological Institute
1:
1103:Ross, Casey (2 August 2014).
923:Tuttle, Brad (23 July 2014).
405:Market Basket store in Bourne
369:In early September 1990, six
130:Demoulas was a member of the
633:DeMoulas, George A. (2014).
1266:Families from Massachusetts
1261:Market Basket (New England)
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1159:"Market Basket CEO canned"
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421:Somersworth, New Hampshire
249:Telemachus "Mike" Demoulas
109:Hellenic American Academy
57:Greco-Turkish War of 1897
236:Maine Black Bears hockey
107:. He graduated from the
788:"Irene Gloria Demoulas"
416:Cushman & Wakefield
170:Westwood, Massachusetts
1228:"#104 Demoulas family"
442:Chelsea, Massachusetts
433:Market Basket protests
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295:Andover, Massachusetts
279:National Hockey League
213:Circuit ĂŽle Notre-Dame
211:were driving from the
412:Bourne, Massachusetts
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333:It's a Wonderful Life
123:and was stationed at
105:Dracut, Massachusetts
73:Dracut, Massachusetts
65:Lowell, Massachusetts
27:Greek-American family
361:bench trial, judge
299:Andover High School
232:University of Maine
205:Canadian Grand Prix
115:. He served in the
1146:on 26 August 2014.
794:. November 9, 2020
776:. 7 February 1999.
738:. 25 January 2011.
599:The New York Times
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289:Arthur T. Demoulas
226:Arthur S. Demoulas
117:United States Army
113:Dracut High School
694:. Driver Database
198:British Formula 3
136:Archon Depoutatos
16:(Redirected from
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