Business & Tech
Market Basket Could Close 61 Stores Without Deal
While both sides continue to work out a plan, the entire chain could be shuttered in the near future.
By Liz Taurasi
Despite cancelling a Tuesday night board meeting, negotiations continue into the sale that could determine the Market Basket chain’s fate.
Both sides of the Demoulas family were working Tuesday night to iron out final details to sell the remaining 50.5 percent shares of the supermarket chain to Arthur T. Demoulas, according to the Boston Globe.
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It’s been reported Demoulas has offered $1.5 billion for the purchase of those remaining shares.
Sources told the Globe that lawyers for both sites were still negotiating several details as of late Tuesday and that if an agreement is not reached soon, consequences could be dire.
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In mid-July, Market Basket workers walked off the job in a show of solidarity for their former 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.
One contingency plan drafted if no deal is reached could mean shuttering 61 stores in the chain, which would impact the jobs of nearly all Market Basket employees, the Globe is reporting. It is unclear which stores are on the closure list and it is unknown whether the Danvers and Salem stores are slated for closure if a deal is not reached.
The supermarket chain is said to be losing upwards of $10 million a day following the work stoppage at its warehouse which started more than six weeks ago.
(Photo: Market Basket customers rally in Tewksbury on August 16. Photo Credit: Christa Lamb of North Andover)
More of Patch’s Ongoing Market Basket Coverage:
- Market Basket Board Calls Off Meeting -- Again
- Could Market Basket Decision Come As Soon as Tuesday Night?
- Reports: Market Basket Decision Imminent
- Market Basket CEOs Tell Employees Return to Work or Be Replaced
- Market Basket Workers Reject Orders to Take Down Boycott Signs
- Arthur T.’s Bid to Buy Market Basket Only One on the Table
- Market Basket Board to Meet Monday Night
- Market Basket Board Confirms Arthur T. Offer, Reaffirms Choices
- Overnight Market Basket Workers Sue Company
- LIVE UPDATES: Market Basket Employees Rally Friday, Board of Directors to Also Meet
- Market Basket Workers Plan Largest Rally Yet for Friday
- Arthur T. Demoulas Makes Offer to Buy Market Basket
- Arthur T. Demoulas Issues Statement, Urges Fired Market Basket Employees Be Reinstated
- If You’re Boycotting Market Basket, Where are You Shopping Now?
- Are Politicians Overstepping in Support of Market Basket Boycott?
- Elected Officials Statewide Pledge Support for Market Basket Boycott
- Despite Firings, Market Basket Employees Continue Fight
- LIVE UPDATES: Market Basket Employees Rally Again Monday
- Market Basket Warehouse Supervisor Fired, 7 More Terminated
- Stores Feel the Pinch, Legislators Chime in as Market Basket Employees Stand Together to Bring Back Ousted CEO Arthur T.
- PHOTOS: Market Basket Employees, Customers Rally in Support of Arthur T.
- Live Updates: Market Basket Employees, Vendors, Customers to Rally Today in Support of Arthur T.
- Market Basket HQ Workers Won’t Show Up for Work Friday in Tewksbury, Plan Rally
- Market Basket Deadline Passes, Employees Who Walk Out Will Be Replaced
- As Market Basket Deadline Approaches for Artie T., ‘All is Quiet’ from Tewksbury HQ
- Market Basket Board to Meet Monday Night
- Market Basket Board Confirms Arthur T. Offer, Reaffirms Choices
- Overnight Market Basket Workers Sue Company
- LIVE UPDATES: Market Basket Employees Rally Friday, Board of Directors to Also Meet
- Market Basket Workers Plan Largest Rally Yet for Friday
- Arthur T. Demoulas Makes Offer to Buy Market Basket
- Arthur T. Demoulas Issues Statement, Urges Fired Market Basket Employees Be Reinstated
- If You’re Boycotting Market Basket, Where are You Shopping Now?
- Are Politicians Overstepping in Support of Market Basket Boycott?
- Elected Officials Statewide Pledge Support for Market Basket Boycott
- Despite Firings, Market Basket Employees Continue Fight
- LIVE UPDATES: Market Basket Employees Rally Again Monday
- Market Basket Warehouse Supervisor Fired, 7 More Terminated
- Stores Feel the Pinch, Legislators Chime in as Market Basket Employees Stand Together to Bring Back Ousted CEO Arthur T.
- PHOTOS: Market Basket Employees, Customers Rally in Support of Arthur T.
- Live Updates: Market Basket Employees, Vendors, Customers to Rally Today in Support of Arthur T.
- Market Basket HQ Workers Won’t Show Up for Work Friday in Tewksbury, Plan Rally
- Market Basket Deadline Passes, Employees Who Walk Out Will Be Replaced
- As Market Basket Deadline Approaches for Artie T., ‘All is Quiet’ from Tewksbury HQ
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