WILLIAMSVILLE, NY - Tops Friendly Markets—a banner under the Northeast Shared Services umbrella—recently made headlines with news of a tactical acquisition play, announcing a deal to purchase five franchise stores operated by Supermarket Management.
“We are happy that our stores will remain part of the Tops family and confident that it will provide our customers and associates with the shopping and career experiences that they have relied on us to provide,” Philip Perna, President and Chief Executive Officer of Supermarket Management said in a statement. “It certainly won’t be easy for us to leave a business that has meant so much to our family, but we are proud of our efforts to serve the communities our stores are located in and thankful for our wonderful associates and loyal customers who have made our work so gratifying.”
Included in the acquisition are four full-service Tops locations across Depew, Lockport, South Buffalo, and on the West Side, as well as one Tops Xpress store in Lancaster.
According to The Buffalo News, the Perna family have been Tops franchisees since they opened one of the first franchised Tops locations in Lockport in 1963. These stores will remain open through the transition, and Tops will retain all 585 workers at the five locations.
Further accelerating its growth, the retailer plans to renovate its Lockport, Depew, and Niagara St. stores by investing more than $8 million in the coming months. The grocer also has plans to pursue renovations and investments at its 1989 Seneca St. and the Tops Xpress store at 470 Aurora St. in Lancaster. Following the transaction, Tops will have one remaining franchised location in Lewiston.
Financial terms of the deal were not disclosed, and it is expected to close in the next 30 to 45 days.
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