Is Arthur T. Demoulas Buying Market Basket?

By Liz Taurasi

Despite Market Basket officials saying they had several bids to buy the chain crippled by employees walking off the job in a bid to bring back their former CEO, Arthur T. Demoulas’ offer is the only one on the table, the Boston Globe is reporting.

The supermarket chain’s Board of Directors met again Monday night, but made no announcement following that meeting.

The Globe is reporting negotiations to allow the ousted CEO and his shareholders to purchase the remaining 50.5 percent of the company are fluid as both sides of the family are negotiating to complete the sale.

Arthur T.’s offer to purchase the company was confirmed by the board last week.

Eleven days after they started, Market Basket employees continue their fight to bring back Arthur T., continuing to stand their ground and not return to work until he’s back at the helm. Many are still demonstrating in front of their local stores in an attempt to get Arthur T. back.

Market Basket has stores in Westford, Chelmsford, and Billerica.

According to the Globe report, Arthur T.’s bid to gain ownership of the company is the only one and is actively under consideration. The final decision will be up to the company’s shareholders to accept or reject his bid.

It’s been more than a week since Market Basket workers took action in their fight to reinstate Arthur T., putting their own jobs on the line. In the meantime, customers of the popular chain have been shopping elsewhere, bringing major losses to the Market Basket corporation, as well as customers in communities who depend on the chain for their groceries.

Photo credit: Save Market Basket

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