Report: 'Contingency plan' for Market Basket would close 61 stores

Updated:

 TEWKSBURY, Mass. (MyFoxBoston.com) -- A drastic contingency plan is reportedly being drawn up as family members continue to negotiate the future of Market Basket.

According to the Boston Globe, an agreement is trying to be reached that would sell the chain ot Arthur T. Demoulas for $1.5 billion. Both sides are now working on finalizing  stock purchase agreement that would transfer shares owned by Arthur S. to Arthur T.

As FOX 25 has reported, the two cousins have been battling for control of the company for years.

If a deal is not reached soon, there could be big consequences for current employees. The Globe, citing a source with knowledge of the plan, says a contingency plan would close 61 of Market Basket's 71 stores in New England. Nearly all of the company's workers would be without jobs.

FOX 25 spoke with financial expert Barry Armstrong who said it was not a good sign that a meeting was not held Tuesday night as scheduled.

To read more: http://www.bostonglobe.com