Tops Markets will merge with New York-based supermarket chain Price Chopper/Market 32, greatly expanding their presence in the northeast United States, according to a joint news release Monday.
Price Chopper/Market 32's President and CEO Scott Grimmett will become the CEO and serve on the Board of Directors of the new parent company. Grimmett will oversee operations at nearly 300 Price Chopper, Market 32, Market Bistro and Tops Markets stores.
The new company, which will employ more than 30,000 workers, will be headquartered in Schenectady, New York. Tops is currently headquartered in Williamsville, New York near Buffalo.
“This merger marks a major step forward and collectively elevates our ability to compete on every level,” said Grimmett. "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.”
The joint news release did not disclose the name of the new parent company or whether any store locations will be affected.
Tops has three locations in Erie, as well as locations in Waterford, Warren, Union City and Meadville.
The transaction is expected to close in the coming months. Financial terms of the transaction were not disclosed.