Buffalo, N.Y. (WBEN) - A report from Reuters suggest Tops Friendly Markets may be for sale.
Three people familiar with the potential sale tell Reuters that Northeast Grocery, Inc. is looking for a buyer. Northeast Grocery's portfolio includes Tops and Price Chopper.
Reuters' report says Northeast Grocery is working with UBS on the sale, with private equity firms and other grocery stores lining up as potential buyers.
A spokesperson for Tops says the report is "speculative". Northeast Grocery provided the following statement:
"In building on the strength of our 2021 merger, Northeast Grocery, Inc. remains focused on offering quality products at a strong value and providing exceptional customer service across its six-state footprint. We continually explore opportunities to grow our business in a variety of ways, including but not limited to mergers, acquisitions or otherwise. Any further characterizations at this point would be purely speculative."
Northeast Grocery was formed in 2021 when Price Chopper - Market 32 merged with Tops. According Reuters' sources, Northeast Grocery could sell for more than $1 billion.