Winn-Dixie Parent Company Goes Bankrupt for the 3rd Time
Posted on Feb 28, 2018
Southeastern Grocers--Winn-Dixie's parent company--is under "strategic review" according to a Bloomberg report. There is a possibility Southeastern Grocers will file for bankruptcy, which would result in the closure of 200 stores or more.
According to a report citing an unidentified source, the company above Southeastern Grocers--Bi-Lo--has filed for bankruptcy twice since 2005, and this filing would make it a third time.
Joe Caldwell, a spokesman from Southeastern Grocers, said this in regards to the company's current state: "Southeastern Grocers is undertaking an ongoing strategic review in advance of our unsecured bond maturity later this year. The company's business operations continue to be strong as we serve our customers with quality and commitment by working seamlessly with our business partners every day."
The Orlando Sentinel reports Southeastern Grocers as being the third largest grocery chain in Florida, following Publix and Walmart. Based out of Jacksonville, F.L., Southeastern Grocers has more than 700 stores with more than 50,000 employees. According to The Orlando Sentinel, the company has tried rebranding, revamping its pricing, and changing its employee loyalty program. In the past three years, the company has changed leadership twice. However, Southeastern Grocers still has $1 billion deficit.
The Orlando Sentinel believes seeing Southeastern Grocers and Winn-Dixie file for bankruptcy in the near future will be "no surprise."