Tops Friendly Markets Acquires Six Supermarkets

Tops Friendly Markets, a leading full-service grocery retailer in upstate New York, northwestern Pennsylvania, and western Vermont has entered into agreements with Stop & Shop and Hannaford to acquire six supermarkets, one located in Gardner, Massachusetts, and the remaining five located in the Hudson Valley, New York area.  Four of the supermarkets are from the Stop & Shop banner and two are from the Hannaford banner respectively.

These transactions are contingent on the U.S. Federal Trade Commission’s approval and clearance of the merger between Ahold and Delhaize Group.  This will bring the number of corporate stores operated to 171 along with an additional five supermarkets operated by franchises. This will also expand Tops’ footprint further into areas of northern and eastern New York State and into its fourth state in Massachusetts.

“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’ chairman and CEO.  “We are looking forward to having these stores, the associates and the surrounding communities become part of the Tops family, and for both our customers and us, it will be business as usual.”

Upon completion of these purchases, current plans call for the six stores to be rebannered and operated under the Tops Markets name.   There are more than 750 associates in total employed at these locations, which will bring Tops associate totals to over 16,000, and Tops will offer all associates continued employment with Tops and operate all six stores without any interruption in service. 

“Upon completion of these purchases we plan to invest in the stores and the surrounding communities in an effort to best serve our associates and customers,” said John Persons, Tops’ president and 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 purchases are expected to close in the next few months and are subject to customary closing conditions.  Specific terms of the agreements were not disclosed.