SCHENECTADY and WILLIAMSVILLE, N.Y. — Upstate supermarket chains Price Chopper/Market 32 and Tops Markets have announced the closure of their merger following approval from the Federal Trade Commission (FTC).
Under the terms of the deal, the two companies will be managed locally by their respective leaders and continue to be referred to by their established brand identities, but will be owned and overseen by a new parent company, Northeast Grocery, Inc. As previously announced, Scott Grimmett, the current president and CEO of Price Chopper/Market 32, will lead the new parent company. He will also serve on its board of directors as will Frank Curci, former Tops Markets Chairman and CEO.
The agreement cements a powerful alliance between the two independent grocery chains, as it virtually doubles their collective footprint in the Northeast. With increased scale across their now-combined footprint of nearly 300 stores, the merged companies are better positioned to leverage increased value for customers; advance shared opportunities for innovation; and fortify the depth of their expanded workforce, community, and trade partnerships, thereby becoming stronger and more competitive.
Price Chopper/Market 32 operates stores in New York, Connecticut, Massachusetts, Vermont, Pennsylvania and New Hampshire. Tops has stores in New York, Vermont and Pennsylvania.
“We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals. Now, we can dedicate ourselves to bringing these two storied grocery chains together, leveraging best practices, developing new opportunities, and finding efficiencies that will help us continue to deliver distinctive shopping experiences,” said Grimmett.
The regulatory review process by the FTC mandates the divestiture of 12 of the combined companies’ stores. C&S Wholesale Grocers (C&S) has been approved to purchase all 12 stores. GU Markets LLC, an affiliate of C&S Wholesale Grocers, will operate these stores. C&S will continue to recognize the union workforce at these locations. The 12 Tops stores to be divested and purchased by C&S Wholesale Grocers are: