Last updated on June 4th, 2018 at 11:54 am
Southeastern Grocers (SEG) has emerged from Chapter 11 after completing its financial restructuring.
Through this process, SEG says 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.
With its new financial foundation, SEG hopes to advance its business through store remodels and new stores. So far, SEG has completed 28 of 100 remodels planned for 2018. The company also will invest in additional customer programs, including the introduction of the new SE Grocers rewards loyalty program beginning in July.
“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, SEG president and CEO. “Our number one focus is serving our associates and customers and providing our communities with a shopping experience they can count on.
“We are extremely pleased to complete this transformative restructuring in such an effective and efficient manner,” Hucker continued. “The success of this emergence is a testament to the hard work of our associates and their commitment to caring passionately, doing the right thing and constantly improving as an organization—all of which is focused upon our purpose of being a great place to work and a great place to shop. 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. With the support of our talented leadership team, associates and supplier partners, we will continue to write SEG’s success story in the Southeast.”
SEG will continue to operate more than 575 stores under the Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie banners throughout the seven states it serves.