Tops Friendly Markets Enters Agreement To Acquire Three Big M Supermarkets
WILLIAMSVILLE, N.Y., Dec. 6, 2012 /PRNewswire/ -- Tops Friendly Markets, a leading full-service grocery retailer in upstate New York, northern Pennsylvania and western Vermont, today announced that the company has entered into an agreement with the Farrugia family to acquire three Big M supermarkets located at 227 East Main Street in Elbridge, NY; 3385 Main Street in Mexico, NY and 9 Mechanic Street in Jordan, NY.
This marks the third acquisition deal this year for Tops and will expand Tops' footprint further into areas of northern and central New York State. The planned acquisition of the three stores follows the 2010 acquisition of the Penn Traffic stores and 2012 acquisitions of 21 Grand Union stores and a store in North Boston, NY.
"We are excited about this growth opportunity for Tops, as we bring these new stores into the Tops family," said Frank Curci, Tops Markets' president and CEO. "These stores are a natural addition to our current footprint and 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."
"First and foremost, the Farrugia family would like to thank the Elbridge, Jordan and Mexico communities for their many years of loyal support starting in 1968 in Elbridge, New York," said Michael Farrugia of the Farrugia family. "Because of this support, we were able to grow into an organization employing close to 200 associates. We feel that the addition of Tops Markets will enhance the ability for future employment as well as the capacity to upgrade these stores to the benefit of these communities for years to come. Again, we thank everyone for their many years of loyal support."
There are approximately 161 associates employed at these locations, and Tops will offer all associates at each of the three locations continued employment with Tops and operate all stores without any interruption in service upon closing.
The sale is expected to close by December 31, 2012. The purchase is subject to customary closing conditions. Specific terms of the agreement were not disclosed.
Tops Markets, LLC, is headquartered in Williamsville, NY and operates 151 full-service supermarkets – 146 company-owned and five franchise locations under the Tops, Grand Union and Bryant's banners. With more than 15,000 associates, Tops is a leading full-service grocery retailer in upstate New York, northern Pennsylvania and western Vermont. For more information about Tops Markets, visit the company's website at www.topsmarkets.com.
SOURCE Tops Friendly Markets