SCHENECTADY, N.Y. (WWTI) — Two grocery store chains have officially completed their merge transaction.
On Monday, Price Chopper/Market 32 and Tops Market confirmed that the closure of the two companies had been closed following approval from the Federal Trade Commission.
According to the two companies, under the terms of the merge, they will each be managed locally and continue with their already-established brand identities. The two companies combined now have a footprint of nearly 300 stores.
All stores will now be owned and overseen by Northeast Grocery, Inc, which will be led by the current President and CEO of Price Chopper/ Market 32 Scott Grimmett.
“We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals,” Grimmett said in a press release. “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.”
Blaine Bringhurst will serve as president of the Price Chopper/Market 32 business and John Persons as the president of the Tops Markets business. Dave Langless, the Chief Financial Officer of Tops, will serve as the parent company’s CFO.
The FTC is also requiring Price Chopper/Market 32 and Tops Market to divest from 12 of the combined companies’ stories. This includes Tops stores at the following locations:
- Cooperstown, 5 Commons Drive
- Cortland, 3923 State Route 281
- Norwhich, 54 East Main Street
- Owego, 1145 NY- 17C
- Peru, 50 South Main Street
- Rome, 217 Erie Blvd. West
- Rutland, 14 North Main Street
- Saranac Lake, 156 Church Street
- Sherill, 87 East State Street
- Warrensburg, 3836 Main Street
- Watertown, 22050 Seaway Shopping Center
- Watertown, 1330 Washington Street
Northeast Grocery, Inc. will be based in Schenectady as well as Price Chopper/ Market 32. Tops Market will keep its main office in Williamsville, New York.
The merge between Tops Market and Price Chopper/ Market 32 was first proposed in early February 2021.