Market Basket Meeting Called Off ... Again

By Jason Claffey/Patch

The Market Basket saga continues.

Boston.com reported the company’s board called off a meeting scheduled for Tuesday at 6 p.m.—during which it was expected to finalize the sale of the grocery chain to former CEO Arthur T. Demoulas. The board also called off a meeting Sunday.

Governor Deval Patrick last week said there was a deal in place to sell the chain to Arthur T. At the time, Patrick said he expected stores to reopen by early this week.

The grocery chain’s 25,000 employees have engaged in a month-long revolt, demanding the return of Arthur T. The former CEO has been involved in an epic family feud with his cousin, Arthur S., who controls the company’s board.

Workers have urged customers to boycott the chain’s 71 stores in northern New England. Business is reportedly down by about 80 percent amid the revolt.

The previous story is posted below:

By Liz Taurasi/Patch

Five days have passed since Arthur T. Demoulas made his final bid to purchase the remaining shares of the Market Basket supermarket chain, and still no decision has been made, but that may soon change.

Market Basket board members have scheduled a meeting for Tuesday night, which, according to the Boston Globe, could indicate a deal is about to be struck. A board meeting scheduled over the weekend was canceled. Reports say the meeting is set for 6 p.m.

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. Arthur T. is reported to have made a $1.5 billion bid for the remaining 50.5 percent shares of the company.

On Friday, both Massachusetts Governor Deval Patrick and New Hampshire Governor Maggie Hassan released a statement saying they were optimistic an agreement to sell the company to Arthur T. was imminent and he that he could be restored to operating authority on an interim basis until the deal closed.

The supermarket chain is said to be losing upwards of $10 million a day following a work stoppage at its warehouse. Employees are in their sixth week of rallying in support of their former CEO.

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