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From the current print issue of NHBR
NHBR Article
Lincoln supermarket sold to Price Chopper
Monday, July 26, 2010
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Tops Friendly Markets has announced it has sold six recently acquired grocery stores to Price Chopper – including one in Lincoln – as part of an acquisition deal.
The Williamsville, N.Y.-based Tops acquired 79 supermarkets in January from Penn Traffic, another grocery chain that’s headquartered in Syracuse, N.Y., in a court-approved deal that included the P&C Foods store in Lincoln. After evaluating the stores, Tops agreed to sell six of them to Price Chopper, which is based in Schenectady, N.Y.
Terms of the deal were undisclosed.
Price Chopper already has three stores in New Hampshire -- in Keene, Lebanon and West Lebanon.
“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 chief executive.
Neil Golub, Price Chopper’s president, chief executive and chairman, said his company expects “to take possession of the facilities in early April,” adding, “we have placed a special priority on preparing these stores for re-opening as soon as possible.”
After the transaction is completed, Price Chopper will own 125 stores in the Northeast.
According to a press release, Price Chopper is also building new stores in Warwick, N.Y., Middletown, Conn., and Shrewsbury, Mass., as well as expanding of stores in Barre and Essex, Vt. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW
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