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Market Basket Board Presses Shareholders To Resolve Dispute

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(WBZ-TV)

(WBZ-TV)

BOSTON (CBS/AP) – Three members of Market Basket‘s board of directors are pressing the feuding shareholders to resolve their dispute to help the beleaguered supermarket chain resume normal operations.

The directors said Saturday that 25,000 workers and two million customers “shouldn’t be held hostage for a business deal between shareholders.”

Their statement came a day after fired CEO Arthur T. Demoulas rejected an offer from the directors to let him and his former management team help restore normal operations, but not take control.

A spokeswoman for Arthur T. Demoulas called the offer an attempt to have him stabilize the company while they consider selling it to another bidder. Demoulas had offered Sunday to return as CEO while sales talks continue.

Demoulas was fired in June by the board, which has been controlled by his rival cousin, Arthur S. Demoulas.

The board members’ full statement reads:

“Twenty five thousand Associates and 2 million customers shouldn’t be held hostage for a business deal between shareholders. We all need to get back to work, stock our shelves and allow our customers to return to shop. Clearly, each side has sets of proposals to solve the impasse — there are enough proposed solutions out there to begin a serious negotiation. Business negotiations should not prevent our Associates from earning a living or our customers from buying groceries. It is wrong to hold everyone hostage to gain a negotiation advantage. Let’s end the hostage-taking and get together to work at finding common ground. We are ready meet, anytime, anywhere.”

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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