Zaandam, The Netherlands, January 19, 2004 - Ahold today announced that its U.S. subsidiary Tops Markets LLC ("Tops") intends to divest its chain of 204 convenience stores. These are Ahold's remaining convenience stores in the United States. The stores operate under the banners of Wilson Farms Neighborhood Food Stores (127), Sugarcreek Stores (67) and Tops Xpress (10).
The intended divestment of the Tops' convenience stores is part of Ahold's strategic plan to restructure its portfolio in order to focus on core food businesses. Ahold has not set a time frame for the completion of this divestment. Ahold has retained investment banking firm William Blair & Company, LLC (Chicago, Illinois) to assist with the divestment.
Wilson Farms, a division of Tops Markets since 1969, operates convenience stores in Western and Central New York. The Sugarcreek convenience stores, all offering gasoline, were acquired by Tops in 2000 and are located in Central and Northern New York. The convenience stores are situated along major highways and in rural areas. Tops Xpress are convenience stores offering gasoline in Northern New York. Together, the convenience stores employ nearly 2,100 associates, including store associates, field specialists and operations support.
