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Price Chopper/Market 32 and Tops Markets to Merge

Price Chopper/Market 32 and Tops Markets have entered into a definitive merger agreement that will put nearly 300 supermarkets in the Northeast under a single company. The merger of the two independent New York-based grocery chains is expected to help the combined enterprise better compete and offer more value and services to customers due to its increased scale, according to a company release.

The new parent company will be headquartered in Schenectady, N.Y. The Price Chopper/Market 32 and Tops Markets businesses will retain their main offices in Schenectady and Williamsville, N.Y., and will continue to be managed locally by their respective leaders. Financial terms of the merger were not disclosed.

Scott Grimmett, Price Chopper/Market 32’s President and CEO, will be CEO of 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, and collectively employ more than 30,000 associates. 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 EVP 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.

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

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The transaction is expected to close this year, subject to regulatory approval and customary closing conditions.

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