Governors try to broker a Market Basket deal
Source: Boston Globe
In a last-ditch effort to rescue the Market Basket grocery chain, Governor Deval Patrick and Governor Maggie Hassan of New Hampshire brokered negotiations Sunday night aimed at ending the bitter family standoff that has left the 71-store chain on the brink of collapse and put thousands of people out of work.
After several hours of discussion, a deal remained elusive but the talks were said to be promising, and continued into the night. Arthur T. Demoulas is trying to buy the company from rival family members and return as president.
“The parties have made real progress on the terms of the sale and operating control of the company, and the governors are encouraged that a resolution may be within reach,” Heather Nichols, a spokeswoman for Patrick, said in a statement.
The negotiations included the two feuding cousins at the center of the dispute, Arthur T. and Arthur S. Demoulas, as well as board chairman Keith Cowan, and Tina Albright, representing one of the shareholders, according to the statement. Neither Arthur S. nor Arthur T. offered a comment on the status of the negotiations.
Read more: http://www.bostonglobe.com/business/2014/08/17/market-basket/2ZoYSGaZKRw05kFbmekOUI/story.html
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