With the regulatory review process complete and approval from the Federal Trade Commission (FTC) received, Price Chopper/Market 32 and Tops Markets on Monday announced the closure of their merger announced earlier this year.
Under the terms of the agreement, the two companies will be managed locally by their respective leaders and continue to be referred to by their established brand identities, but will be owned and overseen by a new parent company, Northeast Grocery Inc. Scott Grimmett, current president and CEO of Price Chopper/Market 32, will lead the new parent company. He will also serve on its board of directors as will Frank Curci, former Tops Markets chairman and CEO.
The agreement virtually doubles the two independent chains’ collective footprint in the Northeast, with a total of nearly 300 stores. Financial terms of the deal were not disclosed.
“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,”