Supermarket chain Tops Markets, a subsidiary of Ahold, has announced that it will seek buyers for its 31 stores located in Eastern New York and the Adirondack region.
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The decision to sell the stores is part of Tops long-term strategy to redefine its core market, it said. Tops has reached agreement to sell six of the 31 stores to Price Chopper. The closing of the transaction is expected early in the fourth quarter.
Tops has recently redefined its core market area as its stores located in Western New York stretching into the nearby Mid-state region. Tops will reinvest the capital raised, particularly in its stores in Western New York, where updates to its new prototype are planned for several of its current locations.
The remaining 25 stores will continue to operate until buyers can be found as Tops will seek the best possible outcome to protect the value of its business and for its associates. The stores stretch from the northern Adirondack area of Champlain through to Rome and Utica, New York in eastern New York State.
Tops Markets, LLC, headquartered in Williamsville, NY is one of four retail operating companies under Ahold USA and is a division of Giant Food Stores. Tops currently operates 152 Tops Markets and two Martin’s Super Food Stores.
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By GlobalData
