It's official: Tops Friendly Markets returns to local ownershipby jmaloni
Tops Friendly Markets, a leading full-service grocery retailer in upstate New York, northern Pennsylvania and western Vermont, announced today the previously announced acquisition of Tops Holding II by a group of senior managers led by Tops president and CEO Frank Curci, closed Dec. 1.
During the past six years under Curci's leadership, Tops has more than doubled its number of stores, added new jobs and expanded is geographic reach into eastern and northern New York, Vermont and northern Pennsylvania. In April, Tops also opened Orchard Fresh, a specialty and gourmet food store in Orchard Park.
"The management team at Tops truly has a passion for the business and dedication to the core values of the organization, and has led the company's tremendous growth over the past six years," Curci said. "This transaction represents the next step in the natural evolution of Tops that began six years ago when we returned operations and decision-making to our local markets. Now with local ownership as well, we will be able to build on our successes of the recent past, deepen our commitment to the markets we serve, and further expand to better serve our associates and customers."
The senior managers in the acquisition group include Curci; Kevin Darrington, chief operating officer; Rick Mills, chief financial officer; John Persons, senior vice president of operations; Jack Barrett, senior vice president of human resources; and Lynne Burgess, senior vice president and general counsel.
Financial terms of the transaction have not been disclosed.
Tops Markets LLC is headquartered in Williamsville, operates 159 full-service supermarkets - 154 company-owned and five franchise locations under the Tops banner, and employees more than 15,000 associates. For more information about Tops Markets, visit the company's website at www.topsmarkets.com.