Under terms of the agreement, the two businesses will be managed locally by their respective leaders, but will be owned and overseen by a new parent company, called Northeast Grocery, which will be headquartered in Schenectady.
Scott Grimmett, the current president and CEO of Price Chopper/Market 32, will lead the new parent company and will serve on its board of directors as will Frank Curci, who is the former Tops Markets Chairman and CEO.