Schenectady, N.Y.-based Price Chopper/Market 32 and Williamsville, N.Y.-based Tops Markets have agreed to merge, with the new parent company operating roughly 300 stores.
Scott Grimmett, president and CEO of Price Chopper/Market 32, will be the CEO of the new parent company and serve on the board of directors.
“This merger marks a major step forward and collectively elevates our ability to compete on every level,” Grimmett said in a news release. “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.”
Frank Curci, chairman and CEO of Tops Markets, will also serve on the board of directors of the new parent company and as a consultant during the transition.
“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 said in the release. “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.”
Blaine Bringhurst, executive vice president of merchandising, marketing and store operations for Price Chopper/Market 32, will lead the Price Chopper/Market 32 business, and John Persons, president and chief operating officer of Tops Markets, will lead the Tops Markets business, according to the release.
The new parent company will be headquartered in Schenectady while the respective banners will keep their main offices in Schenectady and Williamsville and be managed locally.
“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 the board for Price Chopper/Market 32. “I can assure you that our commitment to sustaining and improving the communities in which we operate remains steadfast.”
The transaction is expected to close in the coming months. Financial terms were not disclosed.