The parties negotiating the sale of Market Basket — facing a self-imposed deadline of 5 p.m. today — are signaling talks may spill into the weekend, with sources on both sides saying they're close to an agreement, but are wading through a series of complex deal points.
Ousted former CEO Arthur T. Demoulas and his rival cousin Arthur S. Demoulas, Market Basket's controlling shareholder, maintained their weeklong silence yesterday, but sources briefed on the negotiations told the Herald that the passing of today's deadline won't necessarily mean talks are dead.
One source said the parties are still working toward today's deadline — agreed to after a five-hour session with Gov. Deval Patrick and New Hampshire Gov. Maggie Hassan on Sunday — but that if the sides remain close, it's "very possible" talks would extend into the weekend.
Kevin Griffin, publisher of the Griffin Report of Food Marketing, said he continues to hear the sides are "trying to finalize the bid and work out the details.
"But again, this is just weeks and weeks on end," Griffin said. "I believe it's happening, that's what I understand. I think that the past week has been probably more movement than there's been in the past four."
Speaking to reports Wednesday, Patrick said the parties left Sunday's conversation "feeling hopeful that a resolution was within reach" and that he asked them to consider an internal deadline because "there are a number of issues that could be debated endlessly."
Griffin said there have been few indicators two read into this week "except for the fact that we don't have the board coming out and talking about shutting stores and firing people, which leads me to believe that all the indicators are in place that they're getting close."
Sources have told the Herald talks have focused partly on how much Arthur T. and his backers are willing to put down up front, and the schedule on which future payments would be made. The unknown backers, sources told the Herald, would want assurances store revenue can return to where it was prior to when protests began more than a month ago.
The 71-store Market Basket chain has been hemorrhaging millions a day since managers and workers walked out in protest of Arthur T.'s ouster more than a month ago. Some vendors have stopped doing business with the company and are saying they won't come back unless Arthur T. returns.
The nearly five-week impasse has raised questions about whether Arthur T. will be able to quickly generate enough revenue to satisfy creditors while keeping all stores open and their 25,000 employees on the payroll — all while maintaining the chain's signature low prices that drive customers' fierce loyalty.
"I don't know, but if I were a betting man, I'd say that there will be no layoffs," Griffin said. "My guess is he will forgo short-term profits ... because it would be instrumental to the momentum that he needs to get the place in order."
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