"We are always talking, looking for opportunities that will really strengthen our position," said Grimmett. And the merger likely won't be the last for Price Chopper. The merged Price Chopper/Tops will also have a larger footprint in Wegmans' home territory. He added that he will be sending a letter to Wegmans inviting the supermarket chain here. “We have heard that Wegmans has considered the Capital Region area for years and we are saying that Rensselaer County would be open to such a move," McLaughlin said. On Monday, following news of the merger of Tops and Price Chopper/Market 32, Rensselaer County Executive Steve McLaughlin invited Wegmans to take a closer look at the county as a future site for a supermarket. One retail grocer that has so far avoided the Capital Region is Rochester-based Wegmans, which is currently expanding in the Southeast. Shop Rite, Whole Foods Market, Trader Joe's and The Fresh Market all have entered or expanded over the past decade. Costco, a warehouse club, is expanding into the Capital Region with a new store planned for Crossgates Mall in Guilderland. John Persons, Tops Markets President and Chief Operating Officer, will lead the Tops Markets business.Ĭompetition among supermarkets and other grocers has intensified in recent years as Walmart and Target both expanded their grocery departments. Blaine Bringhurst, Price Chopper/Market 32’s executive vice president of merchandising, marketing and store operations, will lead the Price Chopper/Market 32 business. The Chapter 11 filing came five years later.Ĭurci, Tops Markets chairman and CEO, will serve on the Board of Directors of the new parent company and as a consultant to assist in the transition. Morgan Stanley in September argued it sold a solvent Tops to the executives, according to. Morgan Stanley sold Tops to a group of Tops executives including Frank Curci in 2013 for $21 million. in October 2007 for $310 million, when it operated 76 stores, including five franchise operations. ![]() Morgan Stanley Private Equity had acquired Tops from Koninklijke Ahold, N.V. In February 2020, a trustee for Tops Markets LLC creditors sued Morgan Stanley and other previous owners for $375 million, The Wall Street Journal reported, citing debt loads the supermarket company took on to pay dividends to the private equity owners. Tops struggled financially with heavy debt loads during the past decade, and in February 2018 filed for Chapter 11 bankruptcy reorganization. “We will use every legal measure to make sure our members are treated fairly, and we look forward to working with the new management, as we always have, to ensure our members have stable employment,” DeRiso said. While he said that the union's contracts have "several years" to run, bargaining on a new labor agreement with those at Tops' Adirondack stores will begin "very soon," DeRiso said, adding that he "expect(s) no issues." "They have certainly been on a roller coaster ride hanging on in fear of what would happen to their job at each management milestone.” “UFCW Local One members from Tops Friendly Markets are not immune to changing management groups over the past 15 years," said Frank C. The United Food and Commercial Workers Union Local One represents Tops employees, while Price Chopper/Market 32 has a non-union workforce. "Getting people is one of the most difficult" challenges facing supermarkets, Grimmett said. Both companies are seeking to hire employees in the wake of a pandemic that has led to boosted grocery sales and challenged the nation's food supply chain. "Generally speaking, being a larger company allows us to get a bigger seat at the table," when negotiating with vendors and suppliers, said Grimmett.Īnd layoffs aren't likely. Tops Friendly Markets are typically found in more rural communities, although in recent years Price Chopper stores have opened in places like Warrensburg, where Tops already has a store.īut the combination will bring some immediate advantages. And while both operate in the Northeast, they have "a footprint that's almost perfectly contiguous," Grimmett added, with minimal overlap. ![]() "The two banners will be standalone companies that report to the parent," Grimmett said. The two companies will continue to operate in the near term under their respective names. Still, the merger, which Grimmett expects will take until spring to complete, should be largely invisible to customers.
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