Marketing

Price Chopper merging with Tops Market

Photo by istock.com

February 11, 2021

Price Chopper/Market 23 and Tops Markets, both New York-based grocery chains, are merging, which will double their collective footprint in the Northeast.

The news comes at a time when competition among grocers is spiraling upward as big name retailers, including Walmart, are battling in the space for consumer traffic.

Scott Grimmett, Price Chopper/Market 32's president and CEO, will serve as CEO 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.

Combined, the store locations employ more than 30,000 workers, 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 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 COO, will lead the Tops Markets business.

The new parent company will be headquartered in Schenectady, New York.

"This merger marks a major step forward and collectively elevates our ability to compete on every level," Grimmett said in the 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.

"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, Price Chopper/Market 32's executive chairman of the board, said in the release. "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, subject to regulatory approval and customary closing conditions. Financial terms were not disclosed.