Merger Of Price Chopper And Tops Markets Approved By FTC
Price Chopper/Market 32 and Tops Markets have completed their merger which was announced in February.
Under the agreement, the two companies will be managed locally by their respective leaders and continue to be referred to by their established brand identities.
The stores will be owned and overseen by a new parent company, Northeast Grocery, Inc.
Scott Grimmett, the current president and CEO of Price Chopper/Market 32, will lead the new parent company.
“We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals. 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.
Northeast Grocery will be headquartered in Schenectady along with Price Chopper/Market 32. Tops Markets will retain its main office in Williamsville, N.Y.
“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. “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.
As part of the merger, the FTC requires the divestiture of 12 of the combined companies’ stores.
C&S Wholesale Grocers will purchase the stores, including the Tops Markets in Rome, Sherrill, Norwich and Cooperstown.
The two supermarket chains now have nearly 300 stores in the Northeast.