Market Basket negotiations continue
Log In
Negotiations over a possible sale of the Market Basket grocery chain to ousted president Arthur T. Demoulas continued Monday without a resolution.
Arthur T. has offered to pay more than $1.5 billion to buy the 50.5 percent of the company owned by his cousin, Arthur S. Demoulas, and other relatives. Neither side offered any public comments Monday, as they continued to negotiate terms of the sale and the timing of Arthur T.'s return.
Continue reading below
The company's current management is still holding off from its prior threats to terminate employees who have refused to work in solidarity with Arthur T., whose firing in June triggered the latest uproar over the company.
The governors of Massachusetts and New Hampshire issued a joint statement late Friday saying a deal appeared imminent and that employees would likely be able to return to work early this week.
But a final agreement has proved more elusive, even as the employee walk-outs and customer boycotts continue to cost the company millions of dollars a day. If a deal is not reached soon, the company could be forced to let go of employees and close stores in order to staunch its financial losses.
Market Basket operates 71 stores in Massachusetts, New Hampshire, and Maine, and has 25,000 workers in those states. Thousands of part-time employees have been told not to report to their jobs because there is no work for them in stores that have seen a dramatic decline in customer traffic in recent weeks.
Casey Ross can be reached at cross@globe.com.
Continue reading by subscribing to BostonGlobe.com for just 99¢.
Continue reading by subscribing to BostonGlobe.com for just 99¢.
Stay informed with unlimited access to Boston's trusted news source. High-quality journalism from the region's largest newsroom Convenient access across all of your devices Today's Headlines daily newsletter Subscriber-only access to exclusive offers, events, contests, eBooks, and more Less than 25¢ a week
Post a Comment for "Market Basket negotiations continue"