DeMoulas Board Meets Again Monday But No Decision Announced
Jul 28, 2014 10:38PM ● Published by Bill Gilman
The Boston Globe is reporting that the board did not take a vote on the buyout offer submitted by ousted CEO Arthur T. DeMoulas but that it "agreed to continue negotiating on that offer."
Arthur T. DeMoulas was fired by the board on June after losing a boardroom battle with his cousin Arthur S. DeMoulas for control of the company. Two other executives loyal to Arthur T were also fired.
Market Basket and DeMoulas employees responded by organizing a series of rallies and a work stoppage, demanding that Arthur T. be re-instated as CEO/President. The actions, which have all but stopped truck deliveries to 71 Market Basket stores throughout New England, have crippled operations and cost the company millions of dollars a day.
On Friday, July 25, as workers were rallying for a third time in eight days, the board met in Boston. Afterward, they acknowledged receiving Arthur T.'s buyout offer, alluded to possible other offers and confirmed their decision to name Jim Gooch and Felicia Thornton as co-CEO's.
According to the Globe article, the board did not make any public statements following its meeting Monday.