The family-owned business says David Gibson died Saturday. He was diagnosed with pancreatic cancer about a year ago. Gibson was 65.
His family in June won a $44 million lawsuit against Oberlin College that a judge later cut to $31.5 million.
Their lawsuit claimed that college officials ruined their business by encouraging protests against Gibson's Bakery and branding them as racists after a shoplifting incident involving three black students.
The students were charged with assaulting David Gibson's son and later pleaded guilty to misdemeanors after he caught one of them stealing wine from the store.
The market first opened in the late 1800s.
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