Market Basket President and CEO Arthur T. Demoulas was fired by the supermarket chain's board of directors this week.

The Market Basket board – Jay Hachigian, Steven Collins, and Michael Keyes – filed an action in the Delaware Court of Chancery after a failed mediation between board members and Demoulas on Sept. 3.

Demoulas, who was placed on leave in May, was fired after a unanimous vote by the board on Sept. 9. The board members claimed to have "credible evidence" that Demoulas and other executives were staging a work stoppage.

Demoulas has called the allegations nothing more than a "hostile takeover" by the board. The current board members were voted in by Demoulas' three sisters – Caren Demoulas Pasquale, Frances Demoulas Kettenbach, and Glorianne Demoulas Farnham.

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