Price Chopper/Market 32 and Tops Markets have entered into a merger agreement that will nearly double the grocery chains’ collective footprint in the Northeast.
Scott Grimmett, Price Chopper/Market 32's current president and CEO, will be 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.
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, while 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 chief operating officer, will lead the Tops Markets business.
The new parent company will be headquartered in Schenectady, New York, though both companies will continue to be managed locally by their respective leaders.
"This merger marks a major step forward and collectively elevates our ability to compete on every level," Grimmett said, 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. 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," Curci said, in a statement. "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."
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