Could Market Basket Decision Come by Week's End?

By Liz Taurasi/Patch

Following weekend negotiations that included input from two state governors, the ongoing fight over the supermarket chain by family members could come to an end by week’s end.

The fighting family members have promised to do all they can to reach a deal and save the company which is losing millions as the walk off continues, the Boston Globe is reporting. The Globe is also reporting Market Basket’s board met on Monday.

This comes on the heels of a meeting over the weekend with both sides of the Demoulas family, which included Massachusetts Gov. Deval Patrick and New Hampshire Gov. Maggie Hassan.

Market Basket employees have entered their fifth week of showing support for ousted 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.

Arthur T. Demoulas and his shareholders want to buy the chain and have made an offer to purchase the other 50.5 percent share of the company. In a statement released last week, a spokesman for Arthur T. Demoulas said, “thus far, his offers have been rejected, not on the basis of price, but with counterproposals that have been laden with onerous terms that are far beyond comparable transactions.”

Last Wednesday, Patrick said the two sides were nearing a deal to end the standoff, days after he disclosed that his wife Diane works for the law firm representing the company’s independent directors. At that time, Patrick said he spoke with both sides of the dispute and a deal is in the works. He also called for Market Basket employees to return to work.

On Thursday, Market Basket executives ordered workers to remove “Boycott Market Basket” signs from storefronts. 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.

In the past few weeks, Market Basket customers have been forced to shop elsewhere, some in a show of solidarity with the workers and many because store shelves are mostly empty. Market Basket has been experiencing significant losses, and the impact has extended to neighboring stores and Market Basket’s suppliers.