Demoulas board meets after governors report 'real progress'

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.

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