TEWKSBURY, Mass. (MyFoxBoston.com) -- The Market Basket standoff is quickly becoming the grocery store version of the Boy Who Cried Wolf. Deals appear to be close to final, but the follow through hasn't been there. Sources say there is another meeting scheduled for Wednesday night, but whether it will happen remains unclear.
Some sources say the shareholders, on the two sides of the Demoulas family who have stock in the company, already reached a financial agreement last week and this week were just ironing out details. However, other sources are saying that is bad information and that shareholders have not yet come to an agreement.
Still, most people FOX 25 spoke with agree that all the major issues have been resolved and are unaware of what is causing the hold up.
Earlier this summer, the company fired CEO Arthur T., who is beloved by employees, leading to the standoff. His cousin, Arthur S., has control of the company, but Arthur T. has made several offers to buy it.
Fired District Manager Tom Gordon spent 40 years with the company and says that last Thursday, Artie T. went to his mother's wake, despite all the chaos involved in this saga. Artie T. told Gordon that they're optimistic and that he had just turned in yet another formal deal that night.
"I think the shareholder part of it might be already done and I think it's just a matter of the board approving it and if the shareholders have agreed, I'm not sure what the board is considering other than protecting their own interests," Gordon said. ?
The board reportedly had a five minute meeting Wednesday morning and another planned for 9:30 p.m.
"I don't know what could have taken place in the five minute meeting, but it just appears the independent board is stalling, dragging their feet, doing whatever they can to make this process as long as possible, I can assume," Gordon said.
If an agreement can't be reached, the Boston Globe reported that the company will close 61 stores. Sources close to Arthur S. would not confirm that, but would say company leadership has been forced to make some sort of plan if there isn't an agreement to do something about the fact that the company hasn't made any appreciable revenue in more than five weeks.
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