For additional information, please visit About Tops Marketsīased in Williamsville, NY, Tops Markets currently operates 162 grocery stores in New York, Pennsylvania, and Vermont, including five that are run by franchisees. The American-owned company, founded by the Golub family in 1932, prides itself on longstanding traditions of innovative food merchandising, cutting edge brand development and store design, leadership in community service, and cooperative employee relations. The Food Partners, LLC advised Tops Markets on the divestiture of the 12 stores.īased in Schenectady, NY, Price Chopper/Market 32 operates 130 Price Chopper and Market 32 grocery stores and one Market Bistro, employing 18,000 teammates in New York, Vermont, Connecticut, Pennsylvania, Massachusetts, and New Hampshire. Paul Weiss LLP and Hogan Lovells US LLP served as legal advisors to Tops Markets. was exclusive financial advisor to Tops Markets. PJ SOLOMON acted as exclusive financial advisor to Price Chopper. Harter Secrest & Emery LLP and Wilson Sonsini served as legal advisors to Price Chopper. “And I’m confident that our teammates and associates are excited about it and will continue to deliver excellence.” “Completing the details of this merger marks a major milestone for the management teams of both Price Chopper/Market 32 and Tops,” said Grimmett. ![]() Tops Markets will retain its main office in Williamsville, N.Y. will be headquartered in Schenectady, N.Y., as will Price Chopper/Market 32. This merger will benefit both consumers and union members.”īlaine Bringhurst will serve as president of the Price Chopper/Market 32 business and John Persons as the president of the Tops Markets business. Dave Langless, the Chief Financial Officer of Tops, will serve as the parent company’s CFO. We would like to thank the office of the NYS Attorney General, Senator Chuck Schumer and our UFCW International Union for their guidance, assistance and cooperation during this complicated process. “We are pleased that we have an agreement with the new owner and they are committed to retaining all of the existing union jobs and contracts. “We believe that this merger will be a positive for our membership, preserving union jobs and strengthening the company’s prospects into the foreseeable future,” said Frank DeRiso, president of the UFCW Local One. The 12 Tops stores to be divested and purchased by C&S Wholesale Grocers are: Cooperstown C&S will continue to recognize the union workforce at these locations. GU Markets LLC, an affiliate of C&S Wholesale Grocers, will operate these stores. C&S Wholesale Grocers (C&S) has been approved to purchase all 12 stores. The regulatory review process by the FTC mandates the divestiture of 12 of the combined companies’ stores. ![]() 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. “We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals. 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. The agreement cements a powerful alliance between the two storied independent grocery chains, as it virtually doubles their collective footprint in the Northeast. He will also serve on its board of directors as will Frank Curci, former Tops Markets Chairman and CEO. As previously announced, Scott Grimmett, the current president and CEO of Price Chopper/Market 32, will lead the new parent company. Under the terms of the agreement, 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. With the regulatory review process complete and approval from the Federal Trade Commission (FTC) received, Price Chopper/Market 32 and Tops Markets today announced the closure of their merger, as proposed earlier this year. SCHENECTADY, N.Y. and WILLIAMSVILLE, N.Y.
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