MB BOD offers compromise deal
BOSTON (CBS) – The Market Basket Board of Directors has offered a compromise deal that would return ousted CEO Arthur T. Demoulas to the company as part of the management team and not as CEO.
The deal could end the weeks-long battle for the company.
Under the deal, workers would return to their jobs and it would allow Demoulas to continue his bid to buy a controlling share of the company, according to a statement from the company’s independent board of directors.
“Our associates and suppliers are committed to meeting the needs of our
customers. We all take great pride in the work we do,” the statement said. “Our goal is to move forward, while making sure associates and customers are taken care of. Any delay to reaching agreement on this path forward simply harms associates, customers and the company. It is time to move on.”
The agreement was formulated over the past several days would allow Demoulas’s former management team, including terminated workers and any that resigned, to return to the company, according to the statement.
Demoulas has not yet responded to the offer, according to the statement.
“There is no reason to not meet in the middle,” the directors said. “Mr. Demoulas gets his management team back in place, associates can get back to doing their job, customers can get back to shopping and the company gets the breathing room needed to create an orderly and productive way forward.”
The board has also offered to meet with Gov. Deval Patrick and New Hampshire Governor Maggie Hassan to get support for stabilizing the company.
WBZ-TV could not immediately reach Demoulas.