Price Chopper merger with Tops creates grocery powerhouse in US Northeast
Price Chopper/Market 32 and Tops Markets announced a merger agreement on 8 February, which, if approved by regulators, would double the new entity’s collective footprint in the Northeast U.S.
Schenectady, New York-based Price Chopper/Market 32 operates 130 Price Chopper and Market 32 grocery stores and one Market Bistro store throughout New York, Vermont, Connecticut, Pennsylvania, Massachusetts, and New Hampshire. Williamsville, New York-based Tops Market operates 162 grocery stores in New York, Pennsylvania, and Vermont, including five that are run by franchisees.
“With increased scale across their almost perfectly contiguous footprints, the merged companies are expected to be better positioned to compete and offer even more value and outstanding services to their customers across the Northeast,” the two companies said in a press release.
The new parent company will be headquartered in Schenectady. The Price Chopper/Market 32 and Tops Markets businesses will retain main offices in Schenectady and Williamsville, and will continue to be managed locally by their respective leaders.
"This merger marks a major step forward and collectively elevates our ability to compete on every level," Price Chopper/Market 32 President and CEO Scott Grimmett said in a press release. “It leverages increased value for our customers; advances shared opportunities for innovation; fortifies the depth of our workforce, community, and trade partnerships; and ultimately accelerates our capacity to deliver a distinctively modern and convenient shopping experience.”
The two grocery chains did not reveal financial terms of the merger, which is expected to close in the coming months.
"We have long believed that this merger makes sense both strategically and based on the similar ways in which we each put customers first, go to market, and treat our people,” Tops Market Chairman and CEO Frank Curci said.
Grimmett will take over as chief executive of the new company and will serve on its board of directors of the new parent company, while Curci will serve as consultant to assist in the transition, and will also sit on the firm’s board.
Through the transition, Price Chopper/Market 32 Executive Vice President of Merchandising, Marketing, and Store Operations Blaine Bringhurst will lead the Price Chopper/Market 32 business and Tops Markets President and Chief Operating Officer John Persons will lead the Tops Markets business.
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