Price Chopper has had markets in syracuse/utica for decades. I don't think this is anything new.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
As for Wegmans being a nicer store.....ALL of them invest according to the demographics......even Walmart....'nicer store' for more upscale areas.... they ALL DO IT.....even price chopper.....remember Watt Street price chopper.....yeah,,,not as 'nice' as the one on Curry Road/Altamont Ave......
they all say---"show me the $$/foodstamps".......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Well the altamont ave price chopper is starting to look like crap. I guess even businesses do become a product of their environment too. It appears that when you are surrounded by discount stores, dollar store, walmart's, you begin to cater to the food stamp customers that ride in by cab.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
By CHRIS CHURCHILL, Business writer Last updated: 10:46 a.m., Friday, January 8, 2010 ROTTERDAM -- Price Chopper's bid to add 22 stores to its supermarket empire was topped by a bid from a grocery chain out of Buffalo.
Rotterdam-based Price Chopper and parent company Golub Corp. had bid $53 million to acquire stores, mostly in central and northern New York, owned by the financially troubled Penn Traffic Corp., headquartered in Syracuse.
But Penn Traffic and its creditors this morning announced they have agreed to an $85 million offer by Tops Supermarkets to purchase all of the company's 79 stores in Pennsylvania and Upstate New York.
The agreement will have to be approved by a federal bankruptcy judge, which is likely to happen later this afternoon in Delaware.
A Price Chopper acquisition of the stores could have meant additional jobs in the Capital Region for the growing company. But this morning's announcement is considered good news in central New York, because it seems to ensure all of Penn Traffic's stores will remain open.
"This is a real victory for the workers and we are on the cusp of preserving about 6000 jobs and shopping options in rural communities across the state," Sen. Charles Schumer said this morning in a statment. " It looks like we have avoided the disaster of liquidation, and that in the end all parties came together and worked to do the right thing."
I think that I'd like to follow the money trail on this deal to see if Upchuck Schumer supplied any money from the state/federal funds to the Penn Traffic Corp to enable them to raise their bid above Golub's bid.
Friday, January 8, 2010, 4:47pm EST | Modified: Friday, January 8, 2010, 4:59pm Golub threatens to sue over Penn Traffic contract The Business Review (Albany) - by Michael DeMasi
The head of the Price Chopper supermarket chain said the company may sue to uphold a “binding contract” he said was in place to buy 22 of the bankrupt Penn Traffic Co. stores.
“They broke the contract,” President and CEO Neil Golub said. “We have a serious matter on our hands that could result in a serious lawsuit.”
Golub was responding to a motion made today by the creditors for the bankrupt supermarket chain saying it prefers a counter-offer from Buffalo-based Tops Markets.
Tops offered $85 million for all of the assets of Penn Traffic Co., which includes 79 supermarkets that the Syracuse-based chain operates under the names Quality, P&C Foods and Bi-Lo.
Golub also blasted U.S. Sen. Charles Schumer, calling him a “union shill” who is interfering in the deal.
“He’s doing his union duty and getting paid for it,” said Golub, whose workforce is not unionized. “He apparently owes the union a lot. That’s how he’s paying them back.”
A message left with a Schumer spokesman was not immediately returned.
Rotterdam-based Golub Corp. offered to buy 22 of the stores for $54 million. Doing so would expand the company’s reach in central and northern New York, along with three stores in Vermont, New Hampshire and Pennsylvania.
A hearing this afternoon at U.S. Bankruptcy Court in Delaware was adjourned at 4 p.m. without any ruling by the judge, according to the Syracuse Post-Standard.
Schumer has lobbied Penn Traffic and its main creditor, GE Capital, to oppose any liquidation of the bankrupt supermarket chain that would result in the closure of stores and loss of jobs.
Schumer has held rallies with Penn Traffic store employees, who are unionized, to pressure all parties to save as many jobs and stores as possible.
The United Food and Commercial Workers International Union, which represents about 4,800 Penn Traffic employees, issued a statement today in support of selling the chain to Tops.
“The proposed sale would preserve thousands of good jobs and keep open dozens of stores in our neighborhoods. UFCW members have a long-standing relationship with Tops Market,” the union said.
Golub said the deal the company had with Penn Traffic would have resulted in 3,200 jobs in 22 stores.
He contrasted that with the 5,200 people who currently work in 79 Penn Traffic stores, saying more jobs would be created at the 22 stores.
Golub also maintained that Tops would close 22 stores if it succeeds in buying the chain, resulting in the sort of layoffs that Schumer is trying to avoid.
“There will be more people hired by Price Chopper than would be hired by Tops, for a lot more stores,” Golub said. “And we’ll be much better community citizens.”
I'm with Schumer. Golub won't be happy till he owns everyone and everything. "better community citizens"? Sure he will buy his way into town. Nothing wrong with unions. Let Golub learn to live with them. The Golub Family is one of the wealthiest families in the US. I hope "up-Chuck" gives him a run for his money.
Tops was once a subsidiary of Royal Ahold of the Netherlands, a publicly traded, multi national corporation. Golubs are a fly on an elephants a** compared to Ahold. Ahold's U.S. supermarkets do $24 billion in sales*. Ahold sold Tops Supermarkets to Morgan Stanely in 2007, a company that in 2008 receive $10 billion in TARP funds in 08, that posted $1.59 billion in profits. Yeah, read that again $1.59 BILLION with a B in PROFITS. http://abcnews.go.com/GMA/Business/story?id=6479322&page=2
Supermarket News ranked Ahold's U.S. division No. 7 in the 2007 "Top 75 North American Food Retailers" based on 2006 fiscal year estimated sales of $24.0 billion.[4]
On the other hand, the Golub Corporation, a leading employer in the Capital District of New York, is 55% employee-owned, not a receiver of TARP money, profitable, expanding during this recession, is truly the underdog in this situation. Golub was out bid by Morgan Stanley, which was in essence re-capitalized with $10 billion in taxpayer dollars, now being used to save union jobs of a failing company, which they will eventually lose in time anyhow. Penn Traffic couldn't compete with their union labor force. Much like the American auto industry getting their asses handed to them by foreign auto makers like Toyota and their non-union factories.
The little ole privately owned Golub Corporation is truly the David taking on the Goliath of Tops/Morgan Stanley and the Federal Government.
Ally, do I sense envy for the Golub Family success? Or... A maybe a little anti-semitism? Maybe Communism? Or maybe you just didn't know some of the facts.
Let's put this into perspective. Who won't be happy until they own everything?
Golub said. “And we’ll be much better community citizens.”
Good one! Ask the residents on Dunnsville Road and Dolan Drive about Golub being a "better community citizen."
Ask the Jefferson School Music Teacher that is making over $100K per year if she doesn't want that Golub money. Actually, ask ALL Schalmont School Teachers if they would like to see Golub fail and close down. My guess is,,,NO!
And that is why rotterdam residents are known as redneck hicks! They don't know nuthin' about nuthin' outside of their own backyard or little social or political circle!
Again great post. And for the record....I do support golub's expansion! And I also supported defeated McLanes distribution center. However, I was against the proposed walmart supercenter! And 'upchuck' will receive an email from me!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Way off base Cicero. Mr. Golub has done plenty to upset small business in this community. He has hurt small independent grocers, florists, smaller kosher businesses ie. butchers and bakeries etc. One of those small business employed upward of sixty people. Of course you Reps would love his tactics because YOU don't get it. As for being anti-Semitic LOL that would make me a "self-hating Jew." Your David and Goliath analogy does not work in this instance. No not envy. Those who have been hurt by his expansion into other areas other than roceries can tell you that they work very hard trying to maintain a living for themselves and their employees. Having money as the Golubs can tell you is a blessing and a curse.
I appreciate all that the Golubs do for non-profits. They are members of every synagogue in the Capital District. But exactly HOW much money do you need to live? Your comments regarding anti-Semitism and envy and calling others red-necks are rather about you and the way you conduct yourselves and I would guess you no "nuthin" about small business. Reps always look to conglomerates.
I wouldn't trust any deal that Schumer is involved in because you can't trust him as he only cares about what benefits him politically not what's best for we the people IMHO. Can you say Health-Care, Cap and Trade, amnesty for illegal immigrants, and any other far left issue he can cram down our throats that we have to pay for with higher taxes.
Not to mention, every festival or church festa donating refrigerated trailers.
Ally, try not to confuse "big business" like -Walmart, Tops/Morgan Stanley, Hannaford/Delhaize Group. With medium to large "small business" like the Golub Corporation.
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