by Bea Peterson
According to a press release from Tops Friendly Markets and comments from Tops spokesperson Katie McKenna, the Hoosick Falls Grand Union is one of 21 stores Tops is planning to acquire. “I see no changes in the names or the products carried in the Hoosick Falls store or any of the others in the foreseeable future,” she said. “Most of the changes will be behind the scenes, such as operational support.”
[private]Local store manager Randy Howe believes the change might be helpful to the store and to the town. He appeared optimistic and said they would probably know more after a meeting with the company next Friday.
The 21 stores are located in Hoosick Falls, Ausable Forks, Bolton Landing, Chestertown, Corinth, Elizabethtown, Greenville, Hancock, North Creek, Northville, Peru, Saranac Lake (2), Schroon Lake, Stamford, Tannersville, W. Coxsackie, Warrensburg and Hardwick, Northfield and Rutland, Vermont.
Tops Friendly Markets is a leading full-service grocery retailer in western New York, central New York and northwestern Pennsylvania. The company recently announced that it has entered into an agreement with GU Markets LLC, an affiliate of C&S Wholesale Grocers, Inc., to acquire the 21 supermarkets. The acquisition will bring the number of Tops stores to 153 and will expand Tops’ footprint further into areas of northern and eastern New York State and neighboring northern Vermont. 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,” said Frank 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,” said Michael 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.”
There are approximately 600 associates employed at the 21 locations. According to the company, Tops will offer all associates continued employment without any interruption in service upon the 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,” said Kevin 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.[/private]