Tops Markets LLC said Thursday it has entered into an agreement with GU Markets LLC, an affiliate of C&S Wholesale Grocers Inc., to acquire 21 supermarkets in Upstate New York and Vermont.
The sale is expected to close by fall. Financial terms of the agreement were not disclosed.
The acquisition would bring the number of Tops-owned markets to 153.
“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 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, executive vice president 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.”
The stores are located throughout Northern New York and Vermont, including in Ausable Forks, Saranac Lake and Rutland,Vt.
Plans call for 20 stores to be operated under their current Grand Union banner, and one store to be operated under its current Bryant’s banner, Tops officials said. There are roughly 600 workers employed at those locations, and Tops plans to offer all continued employment.
Based in Williamsville, Erie County, Tops operates supermarkets in Upstate New York and northern Pennsylvania. The company has more than 14,000 employees.
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