UPDATE: Arthur T. Demoulas Rejects Board Members Plan

Three members of Market Basket's board of directors say they have proposed a plan to get the beleaguered supermarket chain back to normal operations as its fired CEO Arthur T. Demoulas pursues buying controlling interest. But late Friday, Arthur T. Demoulas dismissed the plan as "window dressing."

In a statement Friday afternoon, the board members said their proposal would let Demoulas and his former management team assist in a return to normal operations, but not take control.

A spokeswoman for Arthur T. Demoulas called the offer an attempt to have him stabilize the company while they consider selling it to another bidder. Demoulas had offered Sunday to return as CEO while sales talks continue.

Demoulas was fired in June by the board, which has been controlled by his rival cousin, Arthur S. Demoulas.

Here's part of the statement from Arthur T. Demoulas:

It is disingenuous to issue a press release at 5:30 on a Friday, from the “Independent Directors” all of whom were appointed by Arthur S. Demoulas’ side of the family, announcing that they have invited him to rejoin the company but not as CEO.

This is an attempt to have him stabilize the company, while they consider selling it to another bidder. This is far too serious a situation for these games and attempts at window dressing. It is a serious issue that deserves a serious solution.

Market Basket’s Associates, customers, vendors and communities deserve better than that. Arthur T. Demoulas has provided a serious proposal which should be accepted.