A leaner Southeastern Grocers, with plans for 100 store remodels and a new loyalty program, emerged from Chapter 11 bankruptcy restructuring, in “record time.”
The Jacksonville, Fla.-based company said it decreased overall debt by $600 million, including $522 million of debt exchanged for equity, according to a news release.
The company shed nearly 100 stores in the reorganization, and plans to remodel 100 stores in 2018. Twenty-eight of those remodels have been completed, the company said.
“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, in a news release.
The release hinted at a new SE Grocers loyalty program, expected to launch in July.
Post-bankruptcy, the company operates just over 575 stores under the BI-LO, Fresco y Más, Harveys and Winn-Dixie banners.