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Fri July 25, 2014
Market Basket Board To 'Seriously Consider' Ousted CEO's Proposal To Buy Chain
Board members of the beleaguered Market Basket grocery store chain say they will "seriously consider" a proposal from its fired chief executive to buy the company as the chain faces a workers' revolt that has paralyzed the stores.
The board issued a statement Friday after meeting to discuss the company's future as thousands of employees protested the firing of a popular chief executive, Arthur T. Demoulas.
For more than a week, warehouse workers have refused to make deliveries to the chain's 71 stores in Massachusetts, New Hampshire and Maine. Many customers have boycotted the stores in support of the workers.
Arthur T. Demoulas was fired last month by a board controlled by his cousin, Arthur S. Demoulas.
The board said it will evaluate Arthur T's offer, as well as prior offers and future offers.