The words “Market Basket” either mean nothing to you or represent your most beloved brand.

• That latter camp is mostly comprised of New Englanders who view the grocery chain as akin to the Red Sox. Or even church. Seriously.
• And its future is now in flux.

Flashback: Some outsiders may remember Market Basket as the subject of a contentious ownership fight in 2014 — between two cousins both named Arthur Demoulas — which included employee protests (often on their own time) and customer boycotts in support of “Artie T.”

• The dispute was resolved when Arthus T. Demoulas and his side of the family bought a control stake from Arthur S. Demoulas, in a transaction that included around $1.6 billion in debt financing from top Wall Street firms (which got paid off at the end of last year).

Fast forward: The Demoulas are feuding again, although this time it’s siblings instead of cousins.

• Market Basket’s board last night put CEO Arthus T. Demoulas and several other employees (including his son and daughter) on paid administrative leave, as it investigates his conduct.
• The board, which includes an unaffiliated private equity exec and PE-focused lawyer, was appointed by the majority shareholder group that includes Arthus T. Demoulas and his three sisters.

Behind the scenes: I’m told that the board had grown frustrated with its lack of access to information, including things like budgets and succession plans.

• “They would learn about new store openings in the paper,” a source explains.
• Last August it gave Demoulas an ultimatum about increased transparency, but feels he didn’t comply. Instead, the board believes that Demoulas was planning a work stoppage.
• It also appears that the three sisters support the board’s decision, perhaps because it seems like he was planning to have his kids eventually take over.

What he’s saying: Via a spokesperson, Demoulas issued a statement saying he was “ousted” and that the investigation is a “farcical cover for a hostile takeover.”

• His spokesperson didn’t respond to repeated requests for further comment.

Look ahead: The immediate question is if employees once again will protest in support of their vaunted CEO, but the longer-term one is what this means for a chain of nearly 100 locations in an era of supermarket consolidation.

• I’m told that the board neither wants to be a seller nor a buyer, believing in organic growth, but ownership fights often result in ownership changes.