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Price Chopper/Market 32, a regional grocery chain with nine supermarkets in Connecticut, announced Tuesday it would merge with Tops Markets to expand its footprint in the Northeast.
The transaction is expected to close in the coming months. Financial terms were not disclosed.
Both companies are based in New York and have established contiguous footprints, with Price Chopper’s focusing on New England and Tops on New York. The new company will run nearly 300 stores with 30,000 employees, according to a statement.
Scott Grimmett, Price Chopper/Market 32's president and CEO, will serve as CEO of the new parent company, which will be headquartered in Schenectady, N.Y.
"This merger marks a major step forward and collectively elevates our ability to compete on every level,” Grimmett said. “Given the vital role that supermarkets and their workforces play in our communities, particularly this past year, I am excited to lead the parent company of these two historic grocery retailers.”
Price Chopper/Market 32 operates 130 Price Chopper and Market 32 grocery stores and one Market Bistro, employing 18,000 in New York, Vermont, Connecticut, Pennsylvania, Massachusetts and New Hampshire.
Price Chopper/Market 32 stores operate in Newington, Bristol, Windsor, Southington, Torrington and Oxford, among other towns in Connecticut.
Tops Markets operates 162 stores in New York, Pennsylvania and Vermont – including five run by franchisees – and employs 14,000 people.
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