Winn-Dixie parent reaches prepackaged bankruptcy deal, will close 94 stores

17 March, 2018, 01:09 | Author: Terri Saunders
  • Winn-Dixie in Biloxi is closing along with 93 other stores in the region | The Sun Herald

The southern chain has been around for nearly 100 years, but after Thursday afternoon's announcement, 94 stores will close, majority in Florida.

There are about 20 Winn Dixie locations in the Jacksonville area and at least 2 Winn Dixie stores are expected to close.

The two Winn-Dixie stores in Collier County, on Golden Gate Parkway, and at Vanderbilt Beach Road and Collier Boulevard, will remain open.

"Southeastern Grocers has conducted a thorough review of options for reducing our current debt", it said in a statement. In addition to Winn-Dixie, the company also owns BI-LO, Harvey's Supermarket, and Fresco y Mas.

The company plans to file for bankruptcy by the end of March, implementing a court-supervised debt restructuring agreement.

Under the agreement, Southeastern Grocers will voluntarily enter a pre-packaged Chapter 11 bankruptcy plan.

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

Bloomberg reported last month that the grocery chain may file for bankruptcy and close 200 stores.

"We will continue to thrive with 582 successful stores in operation and will continue to deliver a store experience our associates, customers and communities can count on".

For frequent shoppers like Rhonda Paul, her quick grocery runs to the Winn-Dixie by her house won't be happening for much longer. On Jan. 4, the Kmart store was identified as one of 64 in the national chain closing in the first part of 2018.

SEG officials said the company has secured exit financing in the form of a six-year term loan of $525 million along with an asset-based revolving credit facility.

"It's going to be devastating for them to have to change their whole life around in 90 days, it's going to be devastating", said Rahmings.

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