Tops Friendly Markets, a leading full-service grocery retailer in westernNew York, centralNew York, and northwesternPennsylvania, today announced that the company has entered into an agreement with GU Markets LLC, an affiliate of C&S Wholesale Grocers, Inc, to acquire 21 supermarkets, including the Grand Unions in Hardwick, Northfield and Rutland,Vermont, and inupstateNew York.
This acquisition will bring the number of Tops stores to 153 and will expand Tops' footprint further into areas of northern and easternNew York Stateand neighboring northernVermont. The planned acquisition of the 21 stores follows up on the 2010 acquisition of the Penn Traffic stores.
"We are very excited about this growth opportunity for Tops, especially since these stores are a natural extension of our current footprint," saidFrank Curci, Tops Markets' president and CEO. "We are looking forward to having these stores and the surrounding communities become part of the Tops family."
"We believe this transition makes excellent strategic sense for both organizations," saidMichael Newbold, EVP and Chief Administrative Officer for C&S Wholesale Grocers. "It allows Tops to strengthen its retail network, while C&S will continue to focus on its core business of providing innovative supply and logistics solutions to its wholesale customers. C&S very much appreciates its deep partnership with Tops and looks forward to the second decade of our relationship."
The 21 stores are in the following locations:
Ausable Forks, NY
Saranac Lake, NY
24 Main Street
622 Lake Flower Avenue
Bolton Landing, NY
Saranac Lake, NY
Route 9N & Sagamore Road
54 Church Street
Chestertown, NY
Schroon Lake, NY
6308 U.S. 9
1103 Route 9
Corinth, NY
Stamford, NY
100 Main St
127 Main Street
Elizabethtown, NY
Tannersville, NY
335 Court Street
Main Street Route 23A
Greenville, NY
W. Coxsackie, NY
Route 32 and Route 81
7410 Rte 9W-RD#1
Hancock, NY
Warrensburg, NY
16 W Main St
3836 Main Street
Hoosick Falls, NY
Hardwick, VT
252 Route 22
82 Route 15
North Creek, NY
Northfield, VT
273 Main Street
101 N. Main Street
Northville, NY
Rutland, VT
201 Main St.
Norton & 12 No. Main St
Peru, NY
50 South Main Street
For the foreseeable future, current plans call for 20 stores to be operated under their current Grand Union banner, and one store to be operated under its current Bryant's banner. There are approximately 600 associates employed at these locations, and Tops will offer all associates continued employment with Tops and operate all 21 stores without any interruption in service upon closing.
"Upon closing, we plan, as we have demonstrated with many of our acquired stores, to invest in those stores and the surrounding communities in an effort to best serve our associates and customers," saidKevin Darrington, Tops' chief operating officer. "We look forward to meeting the needs of our new neighbors and customers, providing them with a positive shopping experience that focuses on variety, freshness, convenience and exceptional value."
The sale is expected to close by Fall, 2012. The purchase is subject to customary closing conditions. Specific terms of the agreement were not disclosed.
Tops Markets, LLC, is headquartered inWilliamsville, NYand operates 132 full-service supermarkets ‘127 company-owned and five franchise locations. With more than 14,000 associates, Tops is a leading full-service grocery retailer in upstateNew Yorkand northernPennsylvania. Upon completion of the C&S Wholesale acquisition, Tops Markets will be operating 153 full-service supermarkets ‘148 company-owned and five franchise locations, with more than 14,500 associates. For more information about Tops Markets, visit the company's website atwww.topsmarkets.com.
SOURCE Tops Friendly Markets WILLIAMSVILLE, N.Y.,July 19, 2012/PRNewswire/