News Release
FOR IMMEDIATE RELEASE:
DATE:
 December 7, 2006
CONTACT: Tracy Pawelski
tracy.pawelski@aholdusa.com

   
TOPS MARKETS ANNOUNCES ADDITIONAL BUYERS FOR STORES IN NORTHEAST OHIO
Carlisle, PA - Tops Markets today announced that the majority of its stores in Northeast Ohio have been sold to supermarket operators in the region. Tops summarized the status of 29 of their 46 locations and indicated that more contracts with additional buyers will be finalized in the coming weeks.

"Throughout our history in Northeast Ohio, we have worked hard to be a good corporate citizen by actively supporting our associates, customers and neighborhoods," said Max Henderson, Jr., executive vice president and general manager of Tops. "We are satisfied that many of our stores have been sold to experienced grocery store operators who will continue the tradition of service to their communities," continued Henderson. "While we are closing our doors as of tomorrow, we will continue to seek buyers for the stores that have yet to be sold and feel confident that the majority of the remaining stores will be sold."

The following purchase and sales agreements have been signed:

Giant Eagle, Inc., headquartered in Pittsburgh, Pennsylvania, has agreed to purchase 19 former Tops Markets locations, including the Tops location at 1230 State Rt. 303, Streetsboro. Four of these locations will become Dave's Supermarkets. These stores are located in Cuyahoga, Summit, Lorain, Medina, Huron and Portage counties in Northeast Ohio.

Rego's Fresh Market, Inc., has agreed to purchase the 17400 Lorain Avenue, Cleveland and 1499 Columbia Road, Westlake locations. Rego's Fresh Market is a local family-owned supermarket operator based in Westlake, Ohio.

Heinen's, Inc., has agreed to purchase the Tops located at 18300 Royalton Road in Strongsville. As a family-owned and operated business, Heinen's has maintained a commitment to being a premier food store in Cleveland from its first store to the 16 stores currently serving neighborhoods throughout the Greater Cleveland area.

Steve Rogers, who previously operated supermarkets in the Cleveland area, has agreed to purchase the Tops Market located at 11905 Superior Avenue in Cleveland.

Crystal Capital has agreed to purchase the real estate and store at 18501 Neff Road in Cleveland.

Buehler's Food Markets, Incorporated, has executed an agreement to acquire the assets of the Tops location at 3688 Center Road in Brunswick Marketplace, Brunswick. Buehler's is a family-owned chain of eleven stores headquartered in Wooster, Ohio.

Cascade Management Services, Inc., the Lorain-based owners of Apples which operate supermarkets in Lorain, Elyria, and Norwalk, has agreed to purchase the Tops located at 400 Sheffield Center in Sheffield.

Wilson-Rich, LLC, has taken ownership and is operating a Zagara's Marketplace at the former Tops Market located at 5100 Wilson Mills Road in Richmond Heights.

Leases will revert back to the landlords at the following two locations: 4698 Ridge Road in Brooklyn, Ohio and 34700 Vine Street in Eastlake.

All Tops Markets will close by 3 p.m. on December 8. The stores purchased by new owners will be transferred during the month of December. Many associates have been hired by new buyers and others have been actively encouraged to interview with existing supermarket operators in the region.

Tops Markets, LLC, headquartered in Williamsville, NY, is one of four retail-operating companies under Ahold USA and is a division of Giant Food Stores in Carlisle, PA. Tops currently operates 68 Tops Markets and four Martin's Super Food Stores in New York and Pennsylvania. For more information about Tops Markets, visit www.topsmarkets.com.

 

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