Winn-Dixie parent company closing almost 100 stores as part of restructuring

17 March, 2018, 01:30 | Author: Regina Lloyd
  • Local Winn Dixie stores set to close as parent company enters Chapter 11 bankruptcy restructuring

Southeastern Grocers, the parent company for Winn-Dixie and Harveys, announced Thursday it will close more than 90 stores as part of a restructuring deal.

As part of a major restructuring and planned bankruptcy, the owner of Bi-Lo said it is closing 94 underperforming stores, including six in the Charlotte area.

A grocery in Greenwood closed for two days in late 2016 and reopened as a Harveys Supermarket, touting its new, innovative design.

"We are excited to emerge with the optimal store footprint and greater financial flexibility to invest in Southeastern Grocers' growth".

Almost a dozen Winn-Dixie stores in the Tampa Bay area will be closing by the end of April.

Media outlets reported that Southeastern Grocers said Thursday it will closed 19 stores in SC and 11 in North Carolina. In doing so, the company is pursuing an objective of reducing debt and bolstering the "long-term health" of their business.

"We conducted a thorough review of our strategic options and determined that this financial restructuring is in the best interests of our associates, customers, supplier partners and the communities in which we serve". It will continue to operate 582 stores under the brands Harveys, Bi-Lo, Winn-Dixie and Fresco y Más. That's why, he said, the food bank plans to step up its efforts in the area once the store closers in the hopes of filling that need.

According to the company, the restructuring will decrease overall debt levels by over $500 million and maintain its strong liquidity position under the new post-emergence Revolving Credit Facility.

The bulk of the closings are happening in Florida and Georgia, with many more in Alabama, South Carolina, and North Carolina.

"As anticipated, the store in Holly Hill won't be closing", Jaffe said. Winn-Dixie has closed several under-performing stores in Central Florida.



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