Reports: Market Basket board's late Sunday night meeting called off

Updated:

TEWKSBURY, Mass. (MyFoxBoston.com) -- Market Basket's board of directors was set to meet Sunday night at 10 p.m. to discuss the bid Arthur T. Demoulas submitted to buy the company, but just before 7 p.m., a source close to the board tells FOX25 the meeting has been canceled.


The Boston Globe reported that the factions of the board were going to use the meeting to try and finalize a deal that would return company control to Arthur T. Demoulas. It was unclear if they had planned to meet in person or via a conference call.

Demoulas was ousted earlier in the summer as chief executive of the company and replaced with co-CEOs James Gooch and Felicia Thornton.

Arthur T. has reportedly offered to buy 50.5 percent of the supermarket company from his cousin, Arthur S. Demoulas, and other family members, for $1.5 billion. The offer values the company at $3 billion total, according to Bloomberg.

For more than a month, workers and customers alike have protested the move to fire "Artie T." and some distributors have cut ties with the company. At the beginning of the protests, eight workers were fired for their part in organizing the events. Many part-time workers have had their hours drastically reduced or cut altogether while fewer customers filter through the chain's more than 70 locations.

Employees were protesting over the new leadership, and many customers said they would not return to shop at the supermarket, known for its low prices, unless Artie T. was back in charge.

Industry analysts estimate the supermarket chain has lost roughly $10 million a day since protests began.