US grocery retailer Tops Friendly Markets has announced in a press release that it has entered into an agreement to sell six recently-acquired stores to fellow New York store operator Price Chopper Supermarkets.
The stores were originally part of the 29 January 2010 bankruptcy court-approved acquisition of a majority of Penn Traffic’s assets.
“As part of our initial evaluation of all Penn Traffic locations, it was determined these stores were on the outer edge of our geographic footprint and would best be served by another retailer with more familiarity with those markets,” said Frank Curci, Tops’ president and CEO.
Five of the six stores are located in northern New York State. They include Canton, Gouverneur, Massena, Potsdam, and West Carthage. There is one store located in Lincoln, N.H.
The transaction is expected to be complete in approximately 30 days. Terms of the sale were not disclosed.
Tops Markets is headquartered in Williamsville, New York, and operates 76 full-service supermarkets, of which 71 are company owned and five are franchise locations.
With over 10,000 associates, Tops is a leading full-service grocery retailer in western and central New York, including Rochester, and northwestern Pennsylvania.
In January 2010, Tops completed the acquisition of a majority of assets of Penn Traffic, including its 79 supermarkets.
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