Tops Friendly Markets to purchase Budwey's Market in Newfaneby jmaloni
Tops Friendly Markets, a leading full-service grocery retailer in upstate New York, northern Pennsylvania and western Vermont, announced today the company has entered into an agreement with Budwey's Market and, upon closing, will assume operation of the grocery store located at 2555 N. Main St., Newfane.
There are approximately 74 total employees at the Newfane location; each of whom has the option of applying for continued employment with Tops Markets.
"Budwey's has been an important part of the Newfane community for many years, and we plan to continue the tradition of providing shoppers with an outstanding shopping experience," said Frank Curci, Tops Markets president and CEO. "Customers will see the same familiar faces, providing the exceptional service that they have come to expect."
The sale of the Newfane store is expected to close Aug. 4. After that time, Tops will make minor changes to the 22,000-square-foot store, including new interior and exterior signage and décor, and the integration of Tops brand products onto store shelves.
"Tops proposed the idea of purchasing this store, and it was an offer I couldn't refuse," said Frank Budwey, owner of Budwey's Markets. "The sale of this location allows key management to focus efforts on strengthening our business at the North Tonawanda location. It's been great having a business in the Newfane community; we loved our little store in the country, and my sister, Jennifer Schumacher, and I will miss everyone. We discovered all of the great amenities that this area of Niagara County has to offer, and we will continue to support it."
The Newfane store will have a 20-percent-off-sale that starts Sunday, July 13. The store will physically close by July 27 and reopen as Tops Markets on Aug. 9. Customers holding gift cards or reward points they will be able to use them at the North Tonawanda store.
"We wish Tops, our former employees, and customers, success and good health, and I'd like to thank the Newfane community and my associates for their support, commitment and service," Budwey added.
The purchase is subject to customary closing conditions. Specific terms of the agreement were not disclosed.
Tops Markets LLC is headquartered in Williamsville. Tops operates 161 full-service supermarkets - 156 company-owned and five franchise locations - with more than 15,000 associates. For more information about Tops Markets, visit the company's website at www.topsmarkets.com.