Market Basket Deal Imminent?
TEWKSBURY, Mass. (CBS/AP) — The family feud that has brought the Market Basket supermarket chain to its knees may be nearing its end.
Ousted CEO Arthur T. Demoulas has reportedly made a $1.5 billion offer to buy out the part of the company controlled by his rival cousin, Arthur S. Demoulas, and his allies on the board.
The board was scheduled to meet Sunday but the meeting was called off due to disagreements over some terms of the sale.
Arthur T. Demoulas’ ouster earlier this summer prompted an employee walkout and customer boycott that has led to empty shelves and a mere trickle of business at the private company’s 71 stores in Massachusetts, New Hampshire and Maine.
Store managers and employees expressed confidence over the weekend that a deal was imminent.
WBZ NewsRadio 1030’s Carl Stevens reports
On Monday morning Market Basket employees were back protesting outside company headquarters in Tewksbury, saying they are unfazed by the delay and confident the dispute will be resolved.
One 45-year-employee told WBZ NewsRadio 1030’s Carl Stevens they all want to see the standoff end so they can return to work.
“We want to be back out with the customers doing what we do best,” the worker said.
Workers who have gone without a month’s pay told of having to take out bank loans to get by.
One said he had borrowed money from his grandparents to buy school clothes for his kids.
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