A Sun Staff Report
TEWKSBURY -- According to a published report, a deal for Arthur T. Demoulas to acquire the portion of the Market Basket grocery business fro his cousin, Arthur S. Demoulas, won't get done until later Wednesday at the earliest.
The Boston Globe reported the news, citing unnamed people familiar with the negotiations.
Market Basket's board of directors was slated to meet Tuesday evening, but later canceled. The board is reviewing a bid by Arthur T. Demoulas to acquire the 50.5 percent of the company he doesn't already own for a reported $1.5 billion. In the meantime, workers continue to picket outside the headquarters, and stores remain almost entirely empty of shoppers and workers.
The boycott, which was triggered by the firing of Arthur T. Demoulas as CEO in late June, has lasted more than five weeks, draining the chain's stores of about 90 percent of revenue. Part-time store workers have been almost entirely out of work in recent weeks.
One proposed contingency plan reportedly called for the closing of 61 of the chain's 71 stores.