[Slickcraft]

WMUR web site:

TEWKSBURY, Mass. —The Market Basket board of directors approved the sale of the grocery chain to Arthur T. Demoulas at a meeting Wednesday night.

Demoulas reportedly offered $1.5 billion to buy out the company controlled by his rival cousin, Arthur S. Demoulas, and his allies on the board.

The deal was signed late Wednesday, according to a source close to negotiations. As part of the deal, Artie T would immediately take over operational control of the company along with several managers who were fired. Two CEO's brought in to run the company over the last several weeks will remain in place until the deal is formally closed.

Stores have been empty, sales are down 95 percent and the grocery chain has been losing money.