Southeastern Grocers, the parent company of the BI-LO store in Statesboro, has entered into a restructuring support agreement known as an RSA with a group of creditors collectively holding 80 percent of the company's notes due in September 2018 that will position Southeastern for long-term financial health.
"From time to time, we have to make difficult but necessary decisions in regards to our company's financial health. By making this decision, we are making ourselves a healthier company that can compete in the long term," said Joe Caldwell, manager of Southeastern's corporate communications. "With that said, we are committed to Statesboro and have seen an incredible response by our customers at our store on Northside Drive since it's remodeling in December of last year."
Southeastern Grocers announced that 582 stores will continue to operate throughout the company's footprint, and 94 stores will close. Of those closures, 19 are in Georgia. The store closing nearest Statesboro is the BI-LO at 2142 E. Victory Drive in Savannah, which is the only BI-LO closing in Georgia. Of the remaining closures in the state, 15 are Harvey's stores and three are Winn-Dixie stores.
A full list of store closures is available at www.segrocers.com/restructuring.
All stores will continue operating throughout the restructuring process, and BI-LO in Statesboro will remain open as always. The company's associates remain focused on exceeding the needs of customers and consistently delivering great service, quality and value in SEG's stores, officials said.
Anthony Hucker, president and chief executive officer of SEG, said: "The agreement is an important step in Southeastern Grocers' transformation to put our company in the best position to succeed in the extremely competitive retail market in which we do business. With a foundation built on iconic, heritage banners, and with the strong support of our leadership team, we will work through this process as quickly and efficiently as possible. We are excited to emerge with the optimal store footprint and greater financial flexibility to invest in Southeastern Grocers' growth.
"Southeastern Grocers is a strong, viable business and is building momentum with robust performance and new store concepts that resonate with our associates, customers and communities. This course of action enables us to continue writing the story for our company and our iconic, heritage banners in the Southeast."
Additional information about the company's restructuring efforts is available at www.segrocers.com/restructuring.