The result, along with its debt pileup, is that Southeastern operates a lot of stores that have struggled to stand out against stronger competitors.
Southeastern Grocers said Thursday it will closed 19 stores in SC and 11 in North Carolina.
These six supermarkets join 29 other Winn-Dixie or Fresco stores in Florida for a total of 35 owned by the Jacksonville-based Southeastern Grocers.
Southeastern executives say the planned restructuring should put it in better financial position, including a $500 million reduction in debt.
Southeastern Grocers has entered a restructuring agreement with a group of creditors holding 80% of the company's debt, and will file for a pre-packaged reorganization plan under Chapter 11, according to a news release.
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In St. Pete Beach, the Winn Dixie store at 7625 Blind Pass Road will be the only store in Pinellas County closed.
"All the stores affected by yesterday's announcement will be closed on or before April 30th", spokesman Joe Caldwell said. We have not taken these steps without careful planning and consideration.
"We expect our financial health and free cash flow to improve in the newly reorganized company, and although the restructuring contemplates certain store closings, SEG is committed to ensuring that all associates continue to be treated with the utmost dignity, respect, and compassion", chairman and CEO Anthony Hucker said.
Winn-Dixie, 4317 Gandy Blvd. The company plans to emerge from bankruptcy within 90 days, it said. Bloomberg reported in mid-February that the company was preparing for such a move with as many as 200 stores in the crosshairs for closure.