This deal will allow Lidl to expand its regional presence, according to release.
The remodeling, reinvestment and reflagging of Best Market stores into Lidl stores will begin next year. All Best Market employees in New Jersey and New York will have guaranteed employment with Lidl after the transition.
"Today is a great day for Long Island, our Best Market team, and our valued customers in New Jersey and New York," said Aviv Raitses, co-owner of Best Market, in a statement. "Partnering with Lidl on this deal offers our employees a secure future with a growing grocer and continues the great tradition we started more than twenty years ago."
Lidl operates over 10,500 stores in 29 countries. There are currently only three locations in New Jersey — in Eatontown, Vineland and Union — with a fourth location opening in Hazlet on Nov. 28. Lidl’s Union location opened on Nov. 14.
The acquisition is expected to close over the coming months.