SCHENECTADY, NY - Price Chopper/Market 32 and Tops Markets have entered into a definitive merger agreement that creates an alliance between the two independent grocery chains, as it nearly doubles their collective footprint in the Northeast.
This transaction unites two New York-based grocery chains. 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, according to the companies.
"This merger marks a major step forward and collectively elevates our ability to compete on every level," said Scott Grimmett, Price Chopper/Market 32's president and chief executive officer. "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."
Grimmett will be CEO of and serve on the Board of Directors of the new parent company which will oversee the operations of nearly 300 Price Chopper, Market 32, Market Bistro and Tops Markets stores and collectively employ more than 30,000 teammates.
Frank Curci, Tops Markets chairman and CEO, will serve on the Board of Directors of the new parent company and as a consultant to assist in the transition. Blaine Bringhurst, Price Chopper/Market 32's executive vice president of merchandising, marketing and store operations, will lead the Price Chopper/Market 32 business. John Persons, Tops Markets president and chief operating officer, will lead the Tops Markets business.
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.
"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," said Curci. "We look forward to working closely with the Price Chopper/Market 32 team and together becoming an even stronger competitor with more scale, as we continue serving our customers and communities."
The transaction is expected to close in the coming months, subject to regulatory approval and customary closing conditions. Financial terms of the transaction were not disclosed.