Southeastern Grocers completed its financial restructuring as part of its efforts to overcome a massive $1 billion in debt, and has emerged from Chapter 11 in what company officials call "record timing," with expectations to reach completion within 90 days of the end of March.
Through the restructuring process, SEG managed to decrease its overall debt by approximately $600 million, including $522 million of debt exchanged for equity while maintaining its liquidity position.
Prior to filing its Chapter 11, the Jacksonville, Fla.-based parent of the Winn-Dixie, Harveys, Bi-Lo and Fresco Y Mas chains revealed that it would close 94 stores. But now, with its "solid financial foundation," President and CEO Anthony Hucker promised 100 new store concepts and remodels this year, along with investing in additional customer programs such as the introduction of its new rewards loyalty program launching in July.
"We thank our customers for their continued support and look forward to building even better relationships through our SE Grocers rewards loyalty program and increased promotional activities across our operations," he said. "With the support of our talented leadership team, associates and supplier partners, we will continue to write SEG's success story in the Southeast."
Hucker said the company is emerging stronger and with an "optimal store footprint that is well-positioned to thrive in the competitive retail market. Our No. 1 focus is serving our associates and customers, and providing our communities with a shopping experience they can count on."
Hucker also attributed the ease of the restructuring to the hard work of its associates and promised that with a stronger balance sheet in place, SEG will continue to invest in its shopping experience and communities.
SEG will operate more than 575 stores under the Bi-Lo, Fresco y Mas, Harveys Supermarket and Winn-Dixie banners.