Morgan Stanley
At 12:01 am on December 2, 2007, Morgan Stanley Private Equity became the new owner of Tops Markets. Ahold's subsidiary Giant Food of Carlisle provided operational and support services for up to one year after the sale. Max Henderson, Executive Vice President of Tops, resigned his position from the company, and Frank Curci, a former Tops Friendly Markets CEO, returned as CEO of the company.
Tops Friendly Markets brought back approximately 100 corporate positions in marketing, merchandising and finance to Buffalo, New York. Recently, those positions had been based in Carlisle, Pennsylvania by Giant Food. Existing stores resumed upgrades and remodeling, and plans for new stores continue. Tim Hortons full-service restaurants or self-serve kiosks as well as Anchor Bar wings were added to all stores. A growth rate of more than 10% is expected over the next four to five years.
In 2009, it was announced that the chain would open a new store in Spencerport, New York. This was the first time since the Morgan Stanley acquisition that the chain has opened a new store. It opened on August 18, 2010.
Read more about this topic: Tops Friendly Markets
Famous quotes containing the words morgan and/or stanley:
“O, pluck was he to the backbone and clear grit through and through;
Boasted and bragged like a trooper; but the big words wouldn’t do;
The boy was dying, sir, dying, as plain as plain could be,
Worn out by his ride with Morgan up from the Tennessee.”
—Constance Fenimore Woolson (1840–1894)
“For when we must resign our vital breath,
Our Loves by Fate benighted,
We by this friendship shall survive in death,
Even in divorce united.
Weak Love through fortune or distrust
In time forgets to burn,
But this pursues us to the Urn,
And marries either’s Dust.”
—Thomas Stanley (1625–1678)