Southeastern Grocers sheds chapter 11 status
The parent company of Winn-Dixie and Bi-Lo has emerged from bankruptcy and is focused on store remodels.
Southeastern Grocers announced that it has successfully completed its financial restructuring and has emerged from bankruptcy protection in “record time.” The company filed for Chapter 11 in March 2018.
Under the plan, Southeastern closed some 94 locations, leaving it with more than 575 stores operating across seven states under the Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie banners.
Through the restructuring process, Southeastern transformed its financial profile and strengthened its balance sheet by decreasing overall debt levels by approximately $600 million (including $522 million of debt exchanged for equity in the reorganized company) while maintaining its strong liquidity position, the company said.
The supermarket operator is looking to improve the customer experience, and has nearly 100 remodels planned for 2018, with 28 already completed. It will also introduce a new rewards loyalty program in July 2018.
“It is an exciting new day for Southeastern Grocers as we emerge a stronger company with an optimal store footprint that is well-positioned to thrive in the competitive retail market,” said Anthony Hucker, president and CEO of SEG. “We are extremely pleased to complete this transformative restructuring in such an effective and efficient manner. “
Southeastern Grocers announced that it has successfully completed its financial restructuring and has emerged from bankruptcy protection in “record time.” The company filed for Chapter 11 in March 2018.
Under the plan, Southeastern closed some 94 locations, leaving it with more than 575 stores operating across seven states under the Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie banners.
Through the restructuring process, Southeastern transformed its financial profile and strengthened its balance sheet by decreasing overall debt levels by approximately $600 million (including $522 million of debt exchanged for equity in the reorganized company) while maintaining its strong liquidity position, the company said.
The supermarket operator is looking to improve the customer experience, and has nearly 100 remodels planned for 2018, with 28 already completed. It will also introduce a new rewards loyalty program in July 2018.
“It is an exciting new day for Southeastern Grocers as we emerge a stronger company with an optimal store footprint that is well-positioned to thrive in the competitive retail market,” said Anthony Hucker, president and CEO of SEG. “We are extremely pleased to complete this transformative restructuring in such an effective and efficient manner. “