Southeastern Grocers (SEG) said it has completed its financial restructuring and has emerged from Chapter 11.
Through this process, SEG said it has transformed its financial profile and established a strengthened balance sheet by decreasing overall debt levels by approximately $600 million, including $522 million of debt exchanged for equity in the reorganized company, while maintaining a strong liquidity position. SEG will further advance its business through store remodels and new stores. The company will also invest in additional customer programs, including the introduction of the new SE Grocers rewards loyalty program beginning in July 2018.
Anthony Hucker, president and CEO of SEG, 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. Our number one focus is serving our associates and customers, and providing our communities with a shopping experience they can count on.”
Hucker added, “With a stronger balance sheet, we will continually improve the shopping experience for our customers and communities, including nearly 100 store remodels and new store concepts just this year. 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.”
SEG will operate more than 575 stores under the Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie banners.