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Demoulas board meets after governors report 'real progress'

The board of directors of Demoulas Super Markets was reportedly meeting Monday, the day after negotiations with the governors of Massachusetts and New Hampshire triggered “real progress” in talks to facilitate a sale of the troubled chain.

Jon Springer, Executive Editor

August 18, 2014

2 Min Read
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The board of directors of Demoulas Super Markets was reportedly meeting Monday, the day after company officials negotiating with the governors of Massachusetts and New Hampshire triggered “real progress” in talks to facilitate a sale of the troubled chain.

A spokeswoman for Massachsuetts Gov. Deval Patrick told SN Monday that Patrick and New Hampshire counterpart Maggie Hassan met with officials of Demoulas Sunday in Springfield, Mass. Reports said Arthur T. and Arthur S. Demoulas, board chairman Keith Cowan, and Tina Albright, representing one of the shareholders, were at the meeting.

“The parties have made real progress on the terms of the sale and operating control of the company, and the governors are encouraged that a resolution may be within reach,” the spokeswoman, Heather Nichols, said.

Ousted president Arthur T. Demoulas has been trying to acquire the shares in the company he does not own from majority shareholders led by his rival cousin, Arthur S. Demoulas, but disagreements over terms of the deal have slowed progress. The company has said it was reviewing several offers. 

Employees of the company’s 71 stores in the meantime have staged walkoffs and encouraged a customer boycott, which has crippled business at the chain for more than four weeks. Workers who had been staying away from headquarters and warehouse jobs were informed they may lose their jobs if they did not return to work by Monday. A similar deadline passed Friday for 200 employees but they did not return to work, a company spokesman said.

Reports said the board of directors of the company, along with co-CEOs Felicia Thornton and Jim Gooch, were meeting Monday.

 

About the Author

Jon Springer

Executive Editor

Jon Springer is executive editor of Winsight Grocery Business with responsibility for leading its digital news team. Jon has more than 20 years of experience covering consumer business and retail in New York, including more than 14 years at the Retail/Financial desk at Supermarket News. His previous experience includes covering consumer markets for KPMG’s Insiders; the U.S. beverage industry for Beverage Spectrum; and he was a Senior Editor covering commercial real estate and retail for the International Council of Shopping Centers. Jon began his career as a sports reporter and features editor for the Cecil Whig, a daily newspaper in Elkton, Md. Jon is also the author of two books on baseball. He has a Bachelor of Arts degree in English-Journalism from the University of Delaware. He lives in Brooklyn, N.Y. with his family.

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