Tops Friendly Markets preparing to file for bankruptcy, Bloomberg report

18 Febrero, 2018, 02:34 | Author: Arnold Perez
  • Tops Friendly Markets preparing to file for bankruptcy, Bloomberg report

The grocery industry has seen a major shakeup with the rise of e-commerce and Amazon's acquisition of Whole Foods.

Bi-Lo LLC, the parent company of Winn-Dixie, is preparing a potential bankruptcy filing as soon as next month, people with knowledge of the situation told Bloomberg.

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According to the Bloomberg report, Bi-Lo is planning on shutting down 200 stores, but Southern Grocers may try to find a way to restructure its debt outside of court. The company and its creditors have discussed the possibility of a debt-to-equity swap, in addition to such alternatives as asset sales, according to Bloomberg. The locations that will be closed have not been announced. The chain, based in Williamsville, New York operates approximately 170 stores with over 14,000 employees across the Northeast.

With Bi-Lo, Lone Star injected $150 million when it exited bankruptcy for the first time, while investing another $275 million helping it in 2013 to acquire Winn Dixie.

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