Two major Northeast grocery store chains are merging. Price Chopper and Tops Markets announced an agreement today involving nearly 300 stores and more than 30,000 employees across six states.
The headquarters of the joint company will be in Schenectady, where Price Chopper is currently based. Price Chopper also manages Market 32 and Market Bistro stores. Tops, which is based in Western New York, will maintain a regional office there. The deal is expected to close in the coming months, subject to regulatory approval. Financial terms were not disclosed.
Price Chopper’s President and CEO Scott Grimmett will oversee the new parent company, while Tops’ CEO and Board Chairman Frank Curci will serve on the new company’s Board of Directors and serve as a consultant in the transition. The chains say grocery stores will continue to be run by regional managers.
“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.”
“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.”
“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,” said Neil Golub, Price Chopper/Market 32’s Executive Chairman of the Board. “I can assure you that our commitment to sustaining and improving the communities in which we operate remains steadfast.”