Price Chopper, Tops Markets to converge under one organization

Price Chopper and the Tops Markets declared Monday that the two organizations will combine.

In a news release, the two supermarkets with ties to New York State say the consolidation will double the organizations’ footprint in the northeast. There will be 30,000 representatives and 300 stores operating under the consolidation.

They say the consolidation will permit them to contend better and offer more value to their clients.

The new parent organization’s headquarters will be in Schenectady, N.Y. as well as Price Chopper’s HQ, where it was. Top’s Markets HQ will stay in Williamsville, N.Y.

Price Chopper President and CEO Scott Grimmet will serve as the new parent organization’s CEO and serve on the Board of Directors.

Likewise, Tops Markets Chairman and CEO Frank Curci will serve on the Board of Directors for the new parent organization and as a consultant to aid the progress.

The businesses say, the transaction is required to shut in the coming months. Insights about the financial terms of the transaction were not released.

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