News Release
FOR IMMEDIATE RELEASE:
DATE:
 October 11, 2006
CONTACT: Denny Hopkins
dhopkins@aholdusa.com

   
TOPS MARKETS ANNOUNCES BUYER FOR STORES IN NORTHEAST OHIO
Williamsville, NY - TOPS Markets today announced that it has entered into an agreement to sell 18 stores to Giant Eagle, Inc., headquartered in Pittsburgh, Pennsylvania. These stores are located in Cuyahoga, Summit, Lorain, Medina and Huron counties in Northeast Ohio. The closing of the transaction is expected in the fourth quarter of 2006 and is subject to customary closing conditions.

TOPS and Giant Eagle have been working together with the leadership of the Local 880 United Food and Commercial Workers (UFCW) union and Local 19 of the Bakers, Confectioners, Tobacconists, and Grain Millers (BCTGM) union to preserve as many of the full and part time jobs in the region as possible.

TOPS continues to work with prospective purchasers for the remaining stores and will be finalizing additional agreements by the end of the year. Associates, customers, appropriate government officials and vendors are today being notified of TOPS' intention to exit the market by the end of the year.

Ahold, parent company of TOPS Markets, announced its decision to divest of TOPS Markets in Northeast Ohio on July 6, 2006. TOPS Markets is part of Ahold's Giant-Carlisle/TOPS arena and will now operate 72 TOPS Markets and four Martin's Super Food Stores in New York and Pennsylvania.

 

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