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Supermarket Chains Agree to Divest Stores Over Antitrust Concerns

  • New York AG Letitia James reached a settlement with The Golub Corporation (“Golub”), owner of the Price Chopper Supermarkets, Market 32, and Market Bistro chains; Tops Market Corporation (“Tops”), owner of Tops Friendly Market supermarkets; and Project P Newco Holdings, Inc., the post-merger parent company of Golub and Tops, to resolve allegations that the proposed merger of Golub and Tops would reduce competition and harm New York consumers in violation of the federal Clayton Act and Sherman Act and New York’s Donnelly Act.
  • According to the assurance of discontinuance, Golub and Tops directly compete for supermarket customers in several regions in New York state and the merger would reduce the number of supermarkets to at most two in several cities.
  • Under the terms of the assurance of discontinuance, among other things, the parties will divest eleven Tops stores to C&S Wholesale Grocers, Inc., and provide notice to the AG’s office about any future supermarket acquisitions.
  • In a parallel settlement with the Federal Trade Commission, in addition to the divestment of eleven New York supermarkets, the parties to the merger also agreed to divest a Tops store in Vermont to C&S Wholesale Grocers.