Market Basket Board Meeting Called Off
It looks as though the Market Basket saga will continue for a while longer.
The grocery store chain’s Board of Directors was supposed to conduct a meeting via a conference call Sunday night at 10pm, but word came out just before 7pm that the meeting was off.
There was hope the stalemate between founder Arthur T. Demoulas and cousin Arthur S. Demoulas might end this weekend. The Governors of both Massachusetts and New Hampshire had indicated on Friday that an agreement over the sale of the company was close.
The Boston Globe reported Saturday that Arthur T. had offered $1.5 billion for the 50.5% of the company he does not control.
Warehouse employees and truck drivers have taken sides in the dispute. After Arthur T. Demoulas was dismissed as last month as CEO, employees held several major rallies in support of Arthur T., and drivers stopped making deliveries to the chain’s 71 stores. Customer traffic slowed to a crawl, and managers were told not to schedule any part-time workers.
There’s no word on when, or if Sunday’s Board meeting will be rescheduled.