Tops Markets LLC and the Farrugia family have come to an agreement that will see the retailer buy three Big M stores. The supermarkets that Tops will acquire are located in Jordan, Mexico, and Elbridge, New York. This year, Tops has been acquiring stores as it expands its reach into central and northern New York areas.
The Tops-Farrugia family deal should be closed by December 31, when all conditions are met. The two parties did not release the terms agreed upon.
Tops Markets is based in Williamsville, New York and has already acquired 22 stores this year, twenty-one of them being Grand Union stores and one being a North Boston, New York store. The year 2010 saw Tops buy Penn Traffic stores, which are now defunct.
The three Big M stores had about 161 associates in its employ, which is expected to be increased with Tops entry as they will be kept on board even with the change in ownership. The new stores are expected to be upgraded to increase their capacity so that the communities can continue to benefit. The locations will continue to operate without interruption as future upgrades are planned and changes are made.
Tops Markets LLC has 146 locations owned by the company and five franchised locations, bringing its locations to 151 supermarkets. The retailer has employed 15,000 plus associates with stores in Western Vermont, Northern Pennsylvania and upstate New York. The supermarket chain operates under Bryant, Grand Union and Tops banners.
With the tough economy, many retailers have been closing stores and acquisitions of smaller, often family owned, outfits is on the rise.