The merger between Tops Markets and Price Chopper is complete.
The grocery chains will be overseen by a new company formed in the merger called Northeast Grocery Inc. The merger was initially announced last winter, as leaders said it ‘just made sense’.
The regulatory review process was completed and the Federal Trade Commission gave the green light to the changeover, which shouldn’t mean too much ‘new’ in the short term for Tops or Price Chopper shoppers.
The two companies will be managed on the local side by leaders from each of the corresponding teams. They will retain their brand identities, too. However, they will be overseen by a new parent company.
The current president and CEO of Price Chopper and Market 32 will lead the new parent company. Scott Grimmett was viewed as an integral part of the merger, and now will lead the new grocery chain.
“We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals,” said Grimmett. “Now, we can dedicate ourselves to bringing these two storied grocery chains together, leveraging best practices, developing new opportunities and finding efficiencies that will help us continue to deliver distinctive shopping experiences,”
Northeast Grocery Inc. will be headquartered in Schenectady, N.Y., as will Price Chopper/Market 32. Tops Markets will retain its headquarters in Williamsville, N.Y.
“Completing the details of this merger marks a major milestone for the management teams of both Price Chopper/Market 32 and Tops,” Grimmett added. “And I’m confident that our teammates and associates are excited about it and will continue to deliver excellence.”
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