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Wednesday, August 27, 2014
Report: Market Basket "Contingency Plan" Could Close 61 of 71 Stores
"A plan in place if no deal is reached to end the six-week-long Market Basket standoff would close 61 of the chain's 71 stores.
A board meeting scheduled for 6 p.m. Tuesday didn't happen because shareholders aren't on the same page, a source told NewsCenter 5.
According to a Boston Globe report, "a contingency plan prepared for the board... would close 61 of the 71 stores... and terminate nearly all employees."
Ousted CEO Arthur T. Demoulas has reportedly made a $1.5 billion offer to buy out the part of the company controlled by his rival cousin, Arthur S. Demoulas, and his allies on the board.
Stores are empty, sales are down 95 percent and the grocery chain is losing money. Despite repeated reports that both sides of the Demoulas family are close to a deal to sell the chain to Arthur T. Demoulas, no such sale has been announced" ...To continue reading on WCVB.com click here