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The Boston Globe reports that Arthur T. Demoulas, the deposed CEO of Market Basket, has offered to return to run the company while his side of the family negotiates with the Arthur S. Demoulas side of the company to buy the 50.5 percent of the company that it does not own. Such a move, he says, would allow him to "stabilize and begin to restore the business," which has been roiled by employee protests and customer boycotts since his firing.

The formal statement by Arthur T. Demoulas's spokesman read as follows:

Arthur T. Demoulas and his side of the family have been working around the clock to pursue their offer to buy the 50.5% of shares in DSM they do not own for a full and fair price. As part of his proposal, Arthur T. has also offered to move immediately to return to work in advance of the completion of the stock purchase and work to bring back his full team to stabilize and begin to restore the business. He offered to do so starting as soon as midnight tonight. These steps are critical at this point and are in the best interests of Associates, customers, vendors and shareholders. Time is of the essence. Arthur T. is hopeful but resolution depends on the response of the other shareholders in order for an agreement to be reached.

The formal response from the Market Basket board of directors read:

Demoulas Market Basket is considering strategic alternatives directly with parties in private conversations. We encourage the B shareholders, including Arthur T. Demoulas, to continue providing constructive proposals. Following the Board’s evaluation of all of offers, it will convey its recommendations to the Company’s shareholders who have the final decision as to which strategic alternative, if any, to accept. The Board fully supports the current management team in their efforts to ensure that Market Basket’s normal business operations resume immediately for the benefit of its customers, associates, vendors and communities.

In other words, no thanks…and by the way, we have other options, so don;t get ahead of yourself.

Meanwhile, employees are scheduled to hold yet another mass rally in support of Arthur T. Demoulas on Tuesday … management is holding job fairs this week to line up potential replacement for employees it intends to hire if they don't show up for work … senior level employees have been told via letter that they will not be paid for August if they don't show up for work today … and management-level employees fired last month are claiming that they were "wrongfully terminated."

(In case you've forgotten … The longtime family feud boiled over with the move by Arthur S. Demoulas, to oust CEO Arthur T. Demoulas due to a conflict over the company’s finances. The fight is characterized differently by the two sides. The Arthur S. Demoulas faction argues that Arthur T. Demoulas spends money irresponsibly and refuses to take direction from the board. The Arthur T. Demoulas side maintains that his cousin is fueled by greed, only interested in raising prices, cutting employee compensation, and threatening the formula that has built the company to a New England success story. To be fair, though, this is a battle that goes back decades, and that is beginning to resemble the Hatfields and the McCoys.)
KC's View:
Hard to imagine that the value of Market Basket isn't declining with every passing day …