Business & Tech

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

While both sides continue to work out a plan, the entire chain could be shuttered in the near future.

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Liz Taurasi, Patch StaffVerified Patch Staff Badge

Despite cancelling 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.

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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.

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.

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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.

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

(Photo: Market Basket customers rally in Tewksbury on August 16. Photo Credit: Christa Lamb of North Andover)

More of Patch’s Ongoing Market Basket Coverage:

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