![]() Deutsche Bank Securities is Tops Markets’ financial adviser for the deal, and Paul Weiss and Hogan Lovells US are serving as the grocer’s legal advisers. New York-based PJ Solomon is serving as financial adviser to Price Chopper, while Harter Secrest & Emery and Wilson Sonsini are serving as the retailer’s legal advisers. “I can assure you that our commitment to sustaining and improving the communities in which we operate remains steadfast.” “I’ve seen tremendous change in our industry across my 65-year career and have long been an advocate for the promise of innovation and partnership, like that which has driven this merger forward,” Neil Golub, executive chairman of Price Chopper/Market 32, said in a statement. announced plans to eventually convert its Price Chopper stores to the more upscale Market 32 concept. Tops Markets has 162 supermarkets in New York, Pennsylvania and Vermont, including five stores run by franchisees, and employs more than 14,000 associates. ![]() Price Chopper and Tops said they expect to close the merger transaction in the coming months, pending regulatory approval and customary closing conditions.įounded by the Golub family, Price Chopper/Market 32 currently operates 130 Price Chopper and Market 32 grocery stores and one Market Bistro and has 18,000 employees in New York, Vermont, Connecticut, Pennsylvania, Massachusetts and New Hampshire. “Our associates, who take pride in their work and recognize the importance of the role they play in taking care of customers and communities, will continue to be the backbone of our company.” “Tops has always put serving customers and providing an exceptional shopping experience at the center of everything we do, and this merger is no different,” Persons commented. John Persons, president and chief operating officer of Tops Markets, will lead the Tops business. Once the merger is completed, Blaine Bringhurst, executive vice president of merchandising, marketing and store operations for Price Chopper/Market, will lead the Price Chopper/Market 32 business. “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.” "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,” Curci stated. Price Chopper has been converting stores to the upscale Market 32 banner under a plan unveiled in 2014. Related: Stop & Shop, King Kullen kill acquisition dealĭoubling Price Chopper’s and Tops’ market areas, the deal joins two New York-based grocery chains with “almost perfectly contiguous footprints,” creating greater scale that will better positioned the combined company to compete across the Northeast, the merger partners said. 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.” “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. “This merger marks a major step forward and collectively elevates our ability to compete on every level,” Grimmett said in a statement. Both supermarket chains will retain their main offices in Schenectady and Williamsville and continue to be managed locally by their respective leaders. With more than 30,000 employees, the new parent company will be based in Schenectady, Price Chopper and Tops said. Related: Acme Markets wins bid to buy 27 Kings, Balducci’s stores Frank Curci, chairman and CEO of Williamsville, N.Y.-based Tops, will serve on the combined company’s board and as a consultant to aid in the transition. Plans call for Scott Grimmett, president and CEO of Schenectady, N.Y.-based Price Chopper/Market 32, will serve as CEO of the merged company and on its board of directors, overseeing the operations of 292 Price Chopper, Market 32, Market Bistro and Tops Markets stores in New York, Vermont, Connecticut, Pennsylvania, Massachusetts, and New Hampshire. Northeastern grocers Price Chopper/Market 32 and Tops Markets plan to merge, creating a supermarket retailer with nearly 300 stores in six states.įinancial terms of the deal, announced Monday, weren’t disclosed.
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