Market Basket’s board of directors met Monday night but did not reach any definitive decisions about the future of the company or an offer from Arthur T. Demoulas to buy it out. The Boston Globe reports the board agreed to continue negotiating on that offer, keeping it alive.
A spokesperson for the Market Basket board did not respond to a request for comment from Boston.com this afternoon or this evening.
The board met during a continued standoff staged by protesting employees and boycotting customers against corporate leadership of the grocery chain. Business at the company’s stores has slowed to a crawl amid demands for the reinstatement of Arthur T. Demoulas as CEO.
Arthur T. Demoulas was fired by the board, which includes his rival-cousin Arthur S. Demoulas, on June 23, but remains a major stakeholder. His side of family shareholders offered to buy the shares owned by Arthur S.’s side last week. The offer, if accepted by shareholders, would pave the way for Arthur T. to return to leading the company.
Monday’s meeting came three days after another board meeting. A phone meeting was also scheduled for last Monday, but the board’s spokesperson never confirmed whether that meeting actually happened.
The Friday meeting ended with an acknowledgment of Arthur T.’s offer, as well as the urging of employees to return business to its normal operations. Workers balked at the request and protests continued through the weekend, with organizers calling the reinstatement of Arthur T. “non-negotiable.’’