US grocery chain Market Basket has been sold to Arthur T Demoulas, ending a standoff between management and employees.

Thousands of employees went on strike, costing the company an estimated $70m (£42m) a day, after Mr Demoulas was ousted by a rival faction, controlled by his cousin, Arthur S Demoulas.

However, late on Wednesday, Mr Arthur T Demoulas announced that he had reached an agreement to purchase the majority stake from his cousin, giving him control of the entire company
"Words cannot express how much I appreciate each and every one of you," Mr Demoulas said while addressing workers outside the company's Massachusetts headquarters on Thursday morning.

During the strike, truck drivers refused to deliver fresh produce and meat, and shoppers boycotted stores, leading to empty shelves and the near-collapse of the firm.