There’s still no word of a Market Basket deal as of late afternoon Wednesday. There’s also little news on how talks of a potential sale to Arthur T. Demoulas are progressing.
Not much of an update, we realize.
The Boston Globe has some info on the hang-up, at least. In short: Though the big issues seem to have been cleared, details are still being worked out. And even for a company that hadn’t been torn apart at the seams for weeks (or decades for that matter), the Globe’s Casey Ross writes, a deal of this size and complexity “would require several days of tedious negotiations.’’
The negotiations over the sale of the 71-store, multibillion-dollar supermarket empire involve at least four law firms, two New-York based investment advisors, three public relations businesses, and more than nine family shareholders who have been fighting each other for nearly 25 years.
Sources told Boston.com Tuesday that the chain’s board of directors has been scheduling meetings at various times in the event that shareholders will have reached a resolution before the planned meetings arrive, and canceling them as they come if the sides are not yet in agreement. At least one of those meetings was canceled Tuesday night. The Boston Herald reports that Tuesday night’s was the fifth such cancelation in recent days. Time has been blocked off for Wednesday night, but that, too, could be called off.
There have been signs in the past week that things were close to wrapping up.
But between the summer’s many deadlines that have come, passed, and failed to bring closure; and the long-time battle of the rival Demoulas clans, dating back to the 1990s judgment that Arthur T.’s side defrauded Arthur S.’s through to the firing of Arthur T. in June…well, those were probably good indicators that reaching an agreement would be a grueling process.
And with that in mind, there’s always the possibility that a deal could fall through—a prospect that, according to the Globe, would lead the chain to close 61 of its stores and terminate most employees.