The Golub Corporation, owners of Price Chopper/Market 32 stores, and Tops Market, two New York-based grocery chains with Central Vermont connections, announced on Monday that they entered into a “definitive merger agreement” to combine the two corporations.
The deal is expected to be finalized in the coming months, pending regulatory approvals. There was no mention of closing or consolidating any stores that may be in overlapping markets, although Neil Golub, Price Chopper/Market 32’s Executive Chairman of the Board did say, “I can assure you that our commitment to sustaining and improving the communities in which we operate remains steadfast.”
Price Chopper/Market 32, based in Schenectady, N.Y., operates 130 stores across the Northeast, including a location along the Montpelier-Barre Road near Berlin as well as a store in Morrisville and 13 more across Vermont. In total, the chain employs more than 18,000 people.
Tops Market, based in Williamsville, N.Y., a suburb of Buffalo, operates 162 stores across the Northeast, including one just north of downtown Northfield as well as two other Vermont locations in Hardwick and Rutland, all of which had been Grand Union grocery stores before Tops purchased them in 2012. The chain employs more than 14,000 people across New York, Vermont, and Pennsylvania.
In a separate statement, United Food and Commercial Workers Local One noted that they represent more than 10,000 Tops employees and describes the Golub Corporation as “totally non-union.” UFCW Local One President Frank C. DeRiso said, “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.”
The combined company will be based in Schenectady, with Scott Grimmett, Price Chopper/Market 32’s President and CEO, as the CEO of the new parent company. Grimmett will also serve on the Board of Directors. Frank Curci, 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.