Tops Friendly Markets to Merge With Price Chopper/Market 32
SCHENECTADY, NY - When brainstorming ideas, my mother instilled in me the notion that two heads are better than one. As I've become more adept within the retail business world, I've noticed how often this applies to grocery. Perhaps that idiom wasn't exactly what Price Chopper/Market 32 and Tops Friendly Markets had in mind when they announced that both entered into a definitive merger agreement—but it's applicable all the same.
"This merger marks a major step forward and collectively elevates our ability to compete on every level," said Scott Grimmett, Price Chopper/Market 32's President and CEO, who will serve as the new CEO of the parent company. "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."
On top of being CEO of the new parent company, which will oversee the operations of nearly 300 Price Chopper, Market 32, Market Bistro, and Tops Markets stores, Grimmett will also serve on the Board of Directors.
Both companies noted that this merger positions both companies to better compete and offer even more value and outstanding services to customers. It also nearly doubles both chains collective footprint across the Northeast.
According to a press release, Frank Curci, Tops Markets Chairman and CEO, will serve on the Board of Directors of the new parent company and will also act as a consultant to assist in 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," 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."
Blaine Bringhurst, Price Chopper/Market 32's Executive Vice President of Merchandising, Marketing and Store Operations, will lead the Price Chopper/Market 32 business.
"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."
John Persons, Tops Markets President and Chief Operating Officer, will lead the Tops Markets business.
"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," said Persons. "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."
The new parent company will be headquartered in Schenectady, New York. 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.
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