Syracuse, N.Y. — Price Chopper/Market 32 and Tops Markets plan to merge, creating an alliance of two iconic New York-based supermarket chains with nearly 300 stores across the Northeast.
The two companies announced Monday they have entered into a definitive merger agreement. The stores will retain their names, the companies said.
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.
Tops spokesperson Kathy Sautter said the transaction is expected to close within several months, subject to regulatory approval.
Financial terms of the merger were not disclosed.
Scott Grimmett, Price Chopper/Market 32′s president and CEO, 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 people.
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.
“This merger marks a major step forward and collectively elevates our ability to compete on every level,” Grimmett said in a statement.
“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.”
Curci said the merger makes sense strategically and “based on the similar ways in which we each put customers first, go to market and treat our people.”
“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.”
Neil Golub, Price Chopper/Market 32′s executive chairman, said the merged companies will maintain their commitment to “sustaining and improving the communities in which we operate.”
“I’ve seen tremendous change in our industry across my 65-year-old career and have long been an advocate for the promise of innovation and partnership, like that which has driven this merger forward,” he said.
With roots dating back to the 1920s, Tops and Price Chopper operate supermarkets across Upstate New York and throughout the Northeast.
Based in Schenectady, Price Chopper/Market 32 operates Price Choppers and Market 32 grocery stores and one Market Bistro, employing 18,000 people in New York, Vermont, Connecticut, Pennsylvania, Massachusetts and New Hampshire. It was founded by the Golub family in 1932.
In Central New York, it has stores in Clay, Cicero, Fulton, Oswego, Cortland, Oneida and Hamilton, and two in Syracuse.
Based in Williamsville, Tops operates 162 grocery stores in New York, Pennsylvania and Vermont, including five that are run by franchisees. It is the largest private, for-profit employer in Western New York, with more than 14,000 employees.
In Central New York, Tops has stores in Clay, North Syracuse, Camillus, Baldwinsville, DeWitt, Fayetteville, Elbridge, Manlius, Chittenango, Skaneateles, Cazenovia and Pulaski, and three in Syracuse.
Rick Moriarty covers business news and consumer issues. Got a tip, comment or story idea? Contact him anytime: Email | Twitter | Facebook | 315-470-3148
