BUFFALO, N.Y. (WKBW) — Tops Markets and Price Chopper/Market 32 announced a definitive merger agreement Monday.
The companies say the move nearly doubles their collective footprint in the northeast. The transaction is expected to close in the coming months following regulatory approval and customary closing conditions. No financial terms were disclosed.
"This transaction unites two iconic New York-based grocery chains with deep ties to their local communities and shared commitments to service, savings, and convenience. With increased scale across their almost perfectly contiguous footprints, the merged companies are expected to be better positioned to compete and offer even more value and outstanding services to their customers across the Northeast," a release from the companies says.
The new parent company will be headquarted in Schenectady, NY while Price Chopper/Market 32 and Tops Markets will retain their offices in Schenectady and Williamsville.
This merger marks a major step forward and collectively elevates our ability to compete on every level. 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.
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. 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.