Price Chopper/Market 32 and Tops Markets on Monday said they have agreed to merge in a deal that “nearly doubles” their collective footprint in the Northeast.
The transaction will bring together nearly 300 Price Chopper, Market 32, Market Bistro and Tops Markets stores that collectively employ more than 30,000 employees, per a Monday news release.
Both grocery-store chains have locations in the Syracuse area. Price Chopper/Market 32 is headquartered in Schenectady while Tops Markets is based in Williamsville in suburban Buffalo.
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Financial terms of the transaction were not disclosed. The deal is expected to close “in the coming months,” subject to regulatory approval and customary closing conditions.
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.
Both grocery-store chains will continue operating under their respective names, a company spokesman tells CNYBJ in an email.
With increased scale across their footprints, the two companies expect they’ll be “better positioned to compete” across the Northeast, per the release.
Scott Grimmett, president and CEO of Price Chopper/Market 32, will be the CEO and serve on the board of directors of the new parent company. Frank Curci, chairman and CEO of Tops Markets, will serve on the board of directors of the new parent company and as a consultant to assist in the transition.
Blaine Bringhurst, executive VP of merchandising, marketing, and store operations, will lead the Price Chopper/Market 32 business. John Persons, president and COO of Tops Markets, will lead the Tops Markets business.
“This merger marks a major step forward and collectively elevates our ability to compete on every level,” said Grimmett. “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. Given the vital role that supermarkets and their workforces play in our communities, particularly this past year, I am excited to lead the parent company of these two historic grocery retailers.”
Founded by the Golub family in 1932, Price Chopper/Market 32 operates 130 Price Chopper and Market 32 grocery stores and one Market Bistro, with 18,000 employees in New York, Vermont, Connecticut, Pennsylvania, Massachusetts, and New Hampshire.
Tops Markets operates 162 grocery stores in New York, Pennsylvania, and Vermont, including five that are run by franchisees. It describes itself as the largest private, for-profit employer in Western New York, with more than 14,000 employees.
