Value Chopper/Market 32 and Tops Markets introduced Monday they’ve entered a merger deal, bringing collectively two of upstate New York’s largest grocery store chains.
The businesses mentioned the settlement would convey collectively the 2 unbiased grocery chains and would double their footprint within the Northeast.
The information comes amid a altering and fiercely aggressive panorama for the trade, which has taken its toll on each corporations.
“This merger marks a significant step ahead and collectively elevates our means to compete on each stage,” Scott Grimmett, the brand new firm’s CEO, mentioned in a press release.
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Value Chopper, primarily based in Schenectady, New York, and based in 1932 by the Golub household, has 130 shops throughout the Northeast and 18,000 workers.
In New York, the shops are positioned by central New York, the Albany space and the Hudson Valley. They’ve have shops in Scranton space in Pennsylvania and into Vermont, Connecticut, Massachusetts, and New Hampshire.
High Markets, primarily based in Williamsville in Erie County, has 162 grocery shops in New York, Pennsylvania and Vermont, and 14,000 employees.
Whereas Grimmett will head the brand new firm out of Schenectady, Tops chairman Frank Curci will serve on the Board of Administrators of the brand new guardian firm and as a guide to help within the transition.
“We have now lengthy believed that this merger is smart each strategically and primarily based on the same methods wherein we every put clients first, go to market and deal with our folks,” Curci mentioned in a press release.
The transaction is predicted to shut within the coming months, topic to regulatory approval and customary closing situations. Monetary phrases of the transaction weren’t disclosed.
The businesses didn’t reveal any instant plans on how the shops will change or what it means for employees.
However firm executives mentioned they count on sturdy synergy between there manufacturers that can help the shops’ future.
“I’ve seen super change in our trade throughout my 65-year profession and have lengthy been an advocate for the promise of innovation and partnership, like that which has pushed this merger ahead,” mentioned Neil Golub, Value Chopper/Market 32’s government chairman.
“I can guarantee you that our dedication to sustaining and bettering the communities wherein we function stays steadfast.”
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Joseph Spector is the Authorities and Politics Editor for the USA TODAY Community’s Atlantic Group, overseeing protection in New York, New Jersey, Pennsylvania, Maryland and Delaware. He may be reached at JSPECTOR@Gannett.com or adopted on Twitter: @GannettAlbany