WATERTOWN — Price Chopper and Tops Markets announced on Monday that they have completed the merger between the companies after approval from the Federal Trade Commission.
The companies will continue to be managed locally by their respective leaders and will continue to operate under their already established brand names. However, they will be overseen by a new parent company, Northeast Grocery, Inc., which will be run by current Chief Executive Officer of Price Chopper/Market 32 Scott Grimmett, and will oversee the nearly 300 stores between Tops and Price Chopper/Market 32.
“We’re appreciative of the FTC’s diligence in reviewing this merger and grateful to have received all of the necessary approvals. 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,” Mr. Grimmett said in a news release.
Blaine Bringhurst will be the president of Price Chopper/Market 32, while John Persons will serve as the president of Tops.
The FTC will mandate the divestiture of 12 of the combined stores, including the Tops store at Seaway Plaza in Watertown. C&S Wholesale Grocers has been approved to purchase all 12 of the stores with GU Markets LLC operating the store.
“Completing the details of this merger marks a major milestone for the management teams of both Price Chopper/Market 32 and Tops,” Mr. Grimmett said in a release.
Northeast Grocery, Inc. and Price Chopper will both have their headquarters in Schenectady, while Tops will continue to be headquartered out of Williamsville.