Tops expands presence in upstate New York, Vermont with acquisition of GU Markets stores
Williamsville, N.Y. -- Tops Friendly Markets has entered an agreement with C&S Wholesale Grocers affiliate GU Markets to acquire 21 supermarkets located in upstate New York and Vermont.
Tops said the acquisition will bring its number of operating stores to 153 and will expand Tops' footprint further into areas of northern and eastern New York State and neighboring northern Vermont. For the time being, 20 of the stores will continue to operate under the Grand Union banner, while the other store will continue to operate under the Bryant's banner.
"We are very excited about this growth opportunity for Tops, especially since these stores are a natural extension of our current footprint," Tops Markets president and CEO Frank Curci said.
The sale is expected to close by fall 2012 and is subject to customary closing conditions. Specific terms of the agreement were not disclosed.
As previously reported, Tops recently boosted its retail presence with the acquisition of Penn Traffic stores in 2010.