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Saturday, August 9, 2014

Market Basket board members press for solution Saturday

BOSTON (AP) – Three members of Market Basket’s board of directors are pressing the feuding shareholders to resolve their dispute to help the beleaguered supermarket chain resume normal operations.

The directors said Saturday that 25,000 workers and two million customers “shouldn’t be held hostage for a business deal between shareholders.” ...

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BOSTON (AP) – Three members of Market Basket’s board of directors are pressing the feuding shareholders to resolve their dispute to help the beleaguered supermarket chain resume normal operations.

The directors said Saturday that 25,000 workers and two million customers “shouldn’t be held hostage for a business deal between shareholders.”

Their statement came a day after fired CEO Arthur T. Demoulas rejected an offer from the directors to let him and his former management team help restore 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.