Market Basket Could Close 61 Stores If Deal Isn't Reached

Despite canceling a Tuesday night board meeting, negotiations continue into the sale that could determine the Market Basket chain’s fate.

Both sides of the Demoulas family were working Tuesday night to iron out final details to sell the remaining 50.5 percent shares of the supermarket chain to Arthur T. Demoulas, according to the Boston Globe.

It’s been reported Demoulas has offered $1.5 billion for the purchase of those remaining shares.

Sources told the Globe that lawyers for both sites were still negotiating several details as of late Tuesday and that if an agreement is not reached soon, consequences could be dire.

One contingency plan drafted if no deal is reached could mean shuttering 61 stores in the chain, which would impact the jobs of nearly all Market Basket employees, the Globe is reporting.

In mid-July, Market Basket workers walked off the job in a show of solidarity for their former CEO Arthur T. Demoulas. Demoulas was ousted in June when a majority of the company’s board shifted in support of Arthur T.’s cousin and rival, Arthur S. Demoulas.

The supermarket chain is said to be losing upwards of $10 million a day following the work stoppage, which started more than six weeks ago.