Market Basket Board Members Negotiate to End Standoff

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Three independent Market Basket board members have called for the supermarket chain's protesting employees to return to work, and customers to return, and said they are available to negotiate an end to a battle over control of the company.

“We must end this zero sum game and act in the best interests of our Associates, customers — and in the end, our company. We are ready to meet. It’s time,” the three directors said in a statement Monday.

The directors said last week they had proposed that fired CEO Arthur T. Demoulas and his management team return, without taking control, to assist a return to normal operations as talks continue on his bid to buy out other family members who own a majority of the company. Demoulas, through a spokeswoman, rejected that as a “disingenuous” attempt to have him stabilize the company while they consider selling it to another bidder. Demoulas had offered Aug. 3 to return as CEO during the talks.

On Sunday, he said in a statement issued by a spokeswoman that his offers to buy Market Basket “have been rejected, not on the basis of price, but with counterproposals that have been laden with onerous terms that are far beyond comparable transactions.”

Read more: ABC News


Chief Executive

Chief Executive

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