Tops Friendly Markets is making headlines through an acquisition play, as the Northeast Shared Services banner announced a deal to purchase five franchise stores operated by Supermarket Management. Financial terms of the deal were not disclosed, and it is expected to close in the next 30 to 45 days.
“We are happy that our stores will remain part of the Tops family and confident that it will provide our customers and associates with the shopping and career experiences that they have relied on us to provide,” Philip Perna, President and Chief Executive Officer of Supermarket Management said in a statement. “It certainly won’t be easy for us to leave a business that has meant so much to our family, but we are proud of our efforts to serve the communities our stores are located in and thankful for our wonderful associates and loyal customers who have made our work so gratifying.”
Included in the acquisition are four full-service Tops locations across Depew, Lockport, South Buffalo, and on the West Side, as well as one Tops Xpress store in Lancaster.
The Buffalo News reports that the Perna family have been Tops franchisees since they opened one of the first franchised Tops locations in Lockport in 1963. These stores will remain open through the transition, and Tops will retain all 585 workers at the five locations.
To further accelerate its growth, the retailer plans to renovate its Lockport, Depew, and Niagara Street stores by investing more than $8 million in the coming months. The grocer also has plans to pursue renovations and investments at two of its stores in Lancaster. Following the transaction, Tops will have one remaining franchised location in Lewiston.
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