Patrick told reporters in
Patrick said the company, given information officials have relayed to him, is getting close to having to shutter stores.
"In many respects, they seem from accounts they have given us quite close to that critical point," he said. "Nobody wants to have the business remain on its knees this way."
A major fish vendor, Boston Sword & Tuna, publicly cut ties with the company Monday after weeks of problems receiving payments, at first not receiving them and then receiving the wrong amounts. Other vendors have voiced similar complaints.
Patrick said the company has been able to pay its employees for hours worked. But store managers earlier this month eliminated hours for thousands of part-time employees, citing plummeting sales, and the co-chief executives had to intervene to prevent many full-time workers from being laid off, as well.
The governor said he suggested a Friday deadline to focus and motivate the discussions. "One thing I asked them to consider is an internal deadline, really because there are a number of issues that can be debated endlessly," he said.
His staff has been in contact with company officials, though he said he expected to talk to both Arthurs later Wednesday.
Patrick also said there is no place for state financing or tax credits to facilitate a deal.
"They don't need that," he said flatly. "There's more than enough money to get this deal done. The price is not the issue."
Arthur T. has said he offered to buy those shares at pre-crisis value. But the success of Arthur T.'s supporters in grinding the business to a halt has reduced its current market value. A lender would only lend according to its current reduced value, DiSalvo said, meaning Arthur T. likely has a substantial gap in funding to plug.
"There's something Arthur T. needs to bend on, and that is he's going to have to accept substantially the loan terms that are on the table," DiSalvo said.
"Issue two is where
Market Basket has been valued at between
"Here's a consequence of it: They're a company that would have been able to withstand what has happened if that
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