The company plans to implement the terms of the proposed financial restructuring by soliciting votes from holders of its Unsecured Notes and holders of its existing equity on a pre-packaged plan of reorganization and commencing voluntary cases under chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the District of DE by the end of March. Here's a list of the stores that are closing. He did not give specifics about the sales but said they will have deals similar to other big stores that have closed.
The company will close 30 Winn-Dixie stores, four Harveys and one Fresco Y Mas in Florida. The stores closing will be the Winn-Dixie at 9866 Baymeadows Road and the Harveys Supermarkets at 1012 Edgewood Ave.
Company officials said the decision to enter bankruptcy protection follows a "thorough review" of options aimed at reducing the company's debt.
Southeastern Grocers announced on Thursday (March 15) it would "voluntarily implement a court-supervised, prepackaged restructuring agreement", the Business Insider reported.
According to Winn-Dixie's website, the retailer has locations in Florida, Georgia, Alabama, Louisiana, North Carolina, South Carolina and Mississippi.
Southeastern Grocers said it will shut down 94 "underperforming" stores, including 35 Winn-Dixies and Harveys throughout Florida, in a financial restructuring created to trim its $1 billion debt in half.
It said it has already reached a restructuring agreement with lenders to shed $500 million in debt. On Jan. 4, the Kmart store was identified as one of 64 in the national chain closing in the first part of 2018.
OPEC acknowledges supply cuts didn't work
Restraint shown by United States producers supports Goldman Sachs Group Inc's bullish oil view, the bank said in a report. Natural gas prices are being supported by this nasty late winter, but if you look at the calendar it will not last.